(Alliance News) - Tharisa PLC on Friday said interim profit fell sharply as platinum group metals sales and prices declined, despite positive chrome performance.

The Cyprus-headquartered platinum miner posted a 42% drop in pretax profit to USD72.4 million for the six months that ended March 31 from USD124.3 million a year earlier.

Revenue was down marginally to USD335.3 million from USD334.0 million.

6E PGM production was 16% lower at 77,000 ounces from 91,800 ounces. PGM sales fell by 11% to 76,800 ounces from 86,500 ounces. It fetched PGM basket price of USD2,216 an ounce, compared to USD2,592.

However, chrome production inched up 1.4% to 787,900 tonnes from 776,700 tonnes.

Chrome sales grew by 10% to 789,400 tonnes from 719,300 tonnes, while metallurgical grade contracted selling price of USD247 per tonne, up 41% from USD175.

Tharisa kept its interim dividend at 3.0 US cents per share.

With its primary mining operations in South Africa, Tharisa benefitted from a weaker rand, it said. But this was offset by electricity loadshedding and logistical constraints in South Africa.

Tharisa Chief Executive Phoevos Pouroulis said the group's Karo platinum project in Zimbabwe is making progress.

By Artwell Dlamini, Alliance News reporter

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