Impala Platinum Earnings Slump

By Helena Smolak

Impala Platinum expects to report lower earnings for its just-ended fiscal year, hurt by a decline in the dollar price of platinum group metals.

The world's second-biggest platinum miner said Wednesday that it expects to report that adjusted earnings for the year ended June 30 fell by 85%-90% to between 1.9 billion to 2.8 billion South African rand ($102.9 million-$151.6 million). Adjusted earnings per share are expected to come in at ZAR2.12 to ZAR3.12, or 86%-90% down from fiscal 2023.

The company said it expects to book impairments of ZAR19.8 billion in its accounts, mainly related to its Rustenburg operation, which will result in a swing to losses on a basic level.

Implats said it expects a basic loss of ZAR16.9 billion to ZAR17.8 billion from a ZAR4.9 billion profit, with a loss per share of between ZAR18.83 to ZAR19.84 compared with a profit of ZAR5.77 a share the year before.

However, overall gross production of platinum group metals increased by 13% to 3.65 million ounces while production from managed operations rose 21% to 2.92 million ounces, it said.

The company said it will report its audited results on Aug. 29.

Write to Helena Smolak at helena.smolak@wsj.com

(END) Dow Jones Newswires

August 07, 2024 07:17 ET (11:17 GMT)

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