adminJohannesburg. — Impala Platinum (Implats) warned of a large drop in its annual earnings due out this Thursday.
Implats said its headline earnings per share, which strip out exceptional items, would be between 308c and 343c for the financial year to end-June 2013 compared with 685c a year earlier.
Basic earnings per share would be 74 percent and 79 percent lower than before, coming in between 145c and 179c.
“This is due to operational performance at Impala Rustenburg, above-inflation cost increases and impairments of R1,3 billion of long-term receivables,” the world’s second-largest platinum miner said.
Basic earnings were also negatively affected by a R1 billion write down of goodwill stemming from the purchase of African Platinum in 2007.
The results are due to be released on August 29.
A slew of platinum companies have reported their results in recent weeks. Anglo American Platinum, the world’s biggest platinum miner, showed improved earnings on the back of a weaker rand, which meant it earned more for the metal it sold, offsetting lower dollar metal prices and higher costs. However, at an operational level, the company was bleeding cash and its net debt in the six months to end-June ballooned by R2,7 billion to R13,2 billion.
Implats’ shares traded 2,3 percent higher at R108,70 at midday. — Businessday
Online Reporter