Amplats’ interim earnings receive boost from higher prices

16th July 2019

By: Nadine James

Features Deputy Editor

     

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A higher rand platinum group metals (PGMs) basket price and a R1-billion stock count adjustment gain have pushed PGMs producer Anglo American Platinum’s (Amplats’) earnings and headline earnings for the six months ended June 30, higher.

In a revised trading update published on Tuesday, the miner said its headline earnings and headline earnings per share (HEPS) for the six months were likely to be between 108% and 128% higher year-on-year at R7-billion to R7.67-billion and 2 671c and 2 924c, respectively.

Basic earnings are likely to increase by between 224% and 244% year-on-year to between R7.06-billion and R7.49-billion, while earnings a share are likely to increase to between 2 690c and 2 854c.

Amplats pointed out that the prior interim period’s basic earnings had been impacted on by an after-tax impairment of R600-million relating to the disposal of the company’s holding in the Bafokeng Rasimone Platinum Mine joint venture to Royal Bafokeng Platinum and a loss of R800-million on the finalisation of the disposal of Union Mine and Masa Chrome, but had benefited from an insurance receipt of R200-million in respect of property damage suffered at the company’s concentrator plant in 2017.  

Amplats will release results for the six months under review on July 22.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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