Tharisa PLC (LSE:THS, JSE:THA, OTC:TIHRF) has confirmed that earnings for the financial year just ended will be well below the previous year.
The South Africa-based miner had already flagged that timelines for its Karo Platinum project development had been revised due to weak PGM (platinum group metals) prices and volatile macroeconomic conditions.
Tharisa now says basic earnings per share (EPS) for the financial year ended 30 September 2023 are expected to be between 27-28 US cents, a decrease of between 47.9% and 49.8% from the previous year.
Headline earnings per share are expected to be between 27.5 and 28.5 cents, a decrease of 30.7% and 33.1% relative to fiscal 2022.
Tharisa added the board remains committed to the existing capital allocation strategy, including its dividend policy of distributing at least 15% of consolidated net profit after tax, and to the Karo Platinum development project.