Lonmin shows profit after R1-billion loss

JOHANNESBURG – Lonmin’s profitability has improved.

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The struggling miner recorded over a R100-million in profit, compared to a billion rand loss a year ago.

The platinum producer’s overall business yielded a R4-billion loss, down from over R28-billion last year

The company has cut over 5000 jobs, as it tries to cut costs, and improve profitability.

Although Lonmin has managed to return to positive cash balances, it remains in a loss territory on a per share basis.

The group‘s planned joint acquisition of Anglo Platinum Mines is currently awaiting regulatory approval.