Tirupati Graphite highlights progress in Madagascar despite loss of profits

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Tirupati Graphite PLC said on Friday it had made progress in its mining projects despite an annual decline in profits, as it seeks to improve existing resources with new long-term developments.

Tirupati is a specialist graphite and graphene producer based in London and Mumbai with operations in Madagascar and India. Vatomina and Sahamamy are its two main mining sites.

In the financial year ending March 31, 2022, the company reported a pre-tax loss of £2.0 million, compared to £1.2 million the previous year.

This despite higher earnings, which rose 46% to £1.6m from £1.1m.

The cost of sales rose from £488,083 to £1.1million, which Tirupati attributed to additional expenditure for the maintenance of existing infrastructure and increased operating costs as a result adverse weather conditions.

It said “extreme” rainfall caused problems with road infrastructure, but reported total production of 2,996 tonnes and sales of 2,662 tonnes at the Vatomina and Sahamamy sites despite these limitations.

Separately, Tirupati on Friday announced plans to buy Suni Resources SA from Battery Minerals Ltd for 12.5 million Australian dollars, or about 7.2 million pounds sterling.

Chief executive Shishir Poddar said the company was pleased “to be granted exclusive rights to acquire the strategically important Montepuez and Balama Central deposits for an extended period pending regulatory approvals.”

Tirupati declared no total dividend for the year.

Shares of Tirupati closed down 3.4% at 37.66 pence each in London on Friday.

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