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Implats expects 50% drop in profit

Aug 16 2013 13:25 Reuters
Platinum bars

Platinum bars. (Shutterstock)

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Johannesburg - Impala Platinum Holdings [JSE:IMP] said on Friday its full-year earnings likely halved, hit by poor performance at its Rustenburg mine and after it was forced to write down the value of some assets.

Impala, the world's second-largest producer of the precious metal, said in a trading statement headline earnings likely totaled between 308 cents and 343 cents in the year to end-June, from 685 cents a year earlier.

Headline earnings per share (Heps), the main measure of profit, excludes certain on-time items.

Impala said it was hit by R2.3bn ($230m) in write-downs during the financial year, including a R1bn reduction in the value of African Platinum, which it acquired in 2007.

Impala's Rustenburg operations were crippled by a strike in early 2012.

The company is due to release its results on August 29.

Shares were up 2.9% at R109.35 at 12:24, in line with Johannesburg's index of platinum companies, which was also up more than 2%.
 
impala platinum  |  earnings
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