Merafe's headline earnings per share fell to 12.2c in the year ended 31 December 2025, from 42.9c previously.
The company, which operates a ferrochrome joint venture with Glencore, idled its plants in April 2025, citing soaring power costs and increased competition from Chinese smelters.
As a result, ferrochrome output from the Glencore-Merafe joint venture fell 63% to 112,000 metric tonnes in fiscal 2025.
Production costs rose 14% during the year, mainly due to lower output.
South African smelters are struggling to compete with Chinese rivals amid power tariffs that have surged more than 900% since 2008, putting thousands of jobs at risk.
In January, the National Energy Regulator of South Africa (Nersa) approved a 35% reduction in electricity tariffs for Merafe and fellow producer Samancor, allowing Merafe to restart its largest plant, the Lion smelter, last month.
On February 27, power utility Eskom offered a further 29% tariff cut to the distressed smelters, pending regulatory approval.
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