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.