Amplats expects up to 70% earnings decline in H1
JOHANNESBURG (miningweekly.com) – Anglo American Platinum (Amplats) expects its earnings for the six months ended June 30 to be 50% to 70% lower than that reported in the prior corresponding period as that period’s higher inventory gains were not repeated and the dollar metal prices decreased.
The group, which would release its financial results for the period on July 25, expected to report interim headline earnings of between R745-million and R1.2-billion, compared with the R2.47-billion achieved in the first half of 2015.
Headline earnings per share would drop to between 285c and 470c for the six months to June 30, from the 945c reported for the comparative period last year.
Basic earnings and earnings per share (EPS) would likely decrease by between 54% and 74% to between R645-million and R1.1-billion and 245c and 430c respectively.
This was compared with basic earnings and EPS of R2.4-billion and 936c respectively recorded in the six months to June 2015.
The R1.6-billion or 599c a share inventory gain reported in the comparative period last year substantially surpassed that of the gains of R424-million or 162c a share post-tax in the period under review.
A decrease in dollar metal prices during the first half of the year had also muted the company’s financial performance.
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