Implats shares rise 7% as profit jumps | Fin24
 
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Implats shares rise 7% as profit jumps

Feb 28 2019 12:30
Fin24

Shares in Impala Platinum Holdings rose by 7% on Thursday morning, after it announced a headline profit of R2.23bn for the six months ended December 31 2018,  compared to losses of some R150m in the previous comparable period.

Shares were changing hands at R58.71 at 12:13, up 6.75%.

The group published its consolidated reviewed interim results for the six months ended 31 December 2018 on Thursday.

Headline earnings per share rose to R3.10, from a loss of 21 cents per share over the previous period.

Net debt, before leases, was reduced R5.33bn at the start of the reporting period to R976m by financial half-year-end.

In a statement the mining group said that tonnes milled from its managed operations at Impala Rustenburg, Zimplats and Marula increased 2.9% to 10.24 million tonnes, compared to 9.94 million tonnes for the six months ended December 31 in 2017.

Gross refined platinum group metals production, meanwhile, was up 11% to 1.59 million ounces.

AMCU puts strike on hold 

Bloomberg reported earlier that the Association of Mineworkers and Construction Union has said it will delay a wider strike across the industry until a court decides whether the action can be blocked.

AMCU issued a notice to at least 15 companies last week about the action that was scheduled to start with the night shift on Thursday.

Producers asked a court to block the planned week-long sympathy strike, which the companies say would further hurt the struggling industry

implats  |  mining  |  platinum
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