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Chibuluma Mines’ continued focus to contain cost and improve operational efficiency has recharged the company to profit making.
The company’s six month results to June 2017 also attribute positive operation to increase in copper prices.
“The notable increase in the average selling price of copper over the period substantially assisted in attaining the reported profit result,” reads part of the Chibuluma’s financial report.
Chibuluma posted an increase in turnover of US$29 million at the end of June 2017, compared to US$23 million in the same period last year.
“The company achieved a turnover of US$29.4million during the six months ending June 2017. The increase in revenue compared to the same period last year is attributed to improved copper prices.”
Meanwhile profit before tax decreased from US$4.9 million in 2016 to US$1,069, 000 this year and also profit attributable to shareholders declined to US$1,071,000 this year from US$5,044,000 last year.
