HARARE – Zimbabwe listed nickel producer, Bindura Nickel Corporation posted a profit after tax of US$13,5 million during the year ended March 31, 2019, more than double the US$5,8 million reported during the same period last year.

Revenue grew by one percent to US$54 million during the review period, from US$53,6 million during the comparable period last year.

The firm said operating profit increased by 139 percent to $21,3 million from $8,9 million in 2018.

Board chairman, Muchadeyi Masunda said favourable prices on the global market improved the firm’s income.

“In line with the increase in global nickel prices the company realised an average price of its nickel in concentrate sold of US$8 376 per tonne compared to US$7 249 per tonne in the relative period last year.

“Nickel production was 6289 tonnes which was lower than last year’s output of 6 620 tonnes. The decline was in line with the lower ore grade achieved year on year,” said Masunda.

BNC nickel concentrate sold was 60 tonnes lower to 6410 tonnes from 6470 tonnes sold in the comparative period last year.

The cost of producing nickel in concentrate increased from US$6289 per tonne to US$6610 per tonne year on year, a surge which was mainly attributed to drastic increases in local inputs pricing.

BNC said, gross profit decreased by 23 percent from US$18,9 million in the comparative period last year to US$14,5 million.

The net asset position improved to a positive US$1,5 million from negative US$4,7 million in the prior year.

The company also realised a decline in its non-current liabilities which decreased by 31 percent from US$19,2 million due to a decline in interest bearing loans and borrowings.