Jupiter Mines announces last quarter update for the financial year 2019

Jupiter Mines Limited (ASX: JMS) provided last quarter update for the financial year 2019. The company is majorly into Iron ore and Manganese mining.

As per the company, it mined 3,114,536 Bcm in fourth quarter of the financial year 2019 (Q4FY2019), as compared to 2,872,951 Bcm in Q3FY2019. The total mined volume for the financial year 2019 was 11,234,344Bcm.

However, the production declined irrespective of high mining, production for the fourth quarter of the FY2019 was 803,927 tonnes, as compared to 859,550 tonnes in Q3FY2019. Total production for the FY2019 stood at 3,448,523 tonnes.

Sales of the Q4FY2019 increased and reported at 846,404 tonnes, as compared to 789,922 tonnes in Q3FY2019. Total sales of the company for the financial year 2019 stood at 3,511,461.

Jupiter, however, achieved a lower Cost, Insurance, and Freight (CIF) price of $6.13/dmtu in the fourth quarter as compared to $6.43/dmtu in the third quarter of the financial year 2019.

However, the average cost of production increased on a free-on-board (FOB) basis and reported at ZAR 31.67/dmtu in Q4FY2019, as compared to ZAR 28.81/dmtu in Q3FY2019.

The average CIF price achieved (6.13) was lower than the annual average CIF of 6.41 for the financial year 2019. However, the FOB cost realized by the company in Q4FY2019 (31.67) was higher than the annual average FOB cost of production of 30.66 for FY2019.

Jupiter released an investors’ presentation previously.

Financial Update:

The company reported the sales revenue of A$221.1 million in Q4FY2019, higher as compared to A$181.8 million in Q3FY2019. The total sales revenue for the financial year 2019 stood at A$872.3 million.

Jupiter’s EBITDA was up in Q4FY2019 and reported at A$141.2 million, as compared to A$112.3 million in Q3FY2019. The company operated at an EBITDA of A$582.0 million for the financial year 2019.

Total NPAT for the financial year 2019 stood at A$379.0 million and the NPAT for the fourth quarter was at A$88.5 million, up as compared to A$76.1 million in the third quarter of the financial year 2019.

However, the liquidity of the company dropped for the last quarter of the financial year 2019 and Jupiter reported Net cash of A$4.7 million from operating activities in Q4FY2019, significantly down as compared to net cash of A$82.3 million in the previous quarter. The company paid R1.13 billion in royalties and taxes in February, which as per the company, is the reason for a decline in net cash flow from operations.

Jupiter owns 49.9% stake in Tshipi Borwa Manganese Mine in the southern portion of the Kalahari manganese field though Tshipi e Ntle Manganese Mining (Pty) Limited, as the company holds 49% beneficial interest in the company which operates the Tshipi Borwa Manganese Mine.

Jupiter mentioned that the company achieved its annual sales target of 3.5 million tonnes for the financial year 2019 and mentioned that the shipping target of FY2019 exceeded as rail and road volumes realised by the company were higher in February.

Jupiter's Board declared and paid a dividend of R1.1 billion in February for 2HFY19, and the company paid a total of R3.21 billion dividend in the financial year 2019.

The company distributed an unfranked dividend of $0.025 per ordinary share for the FY2019.

Jupiter commenced a strategic review during the quarter to realise value from its iron ore projects.

The stock of the company is trading at A$0.342 (as on 28th March 2019, 03:00 PM), down by 2.286% as compared to its previous close.


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