JOHANNESBURG - Anglo American Platinum (Amplats) said on Tuesday it expected to report hefty earnings for the six months ending 30 June due to a higher platinum group metals (PGM) basket rand price.
Amplats said headline earnings for the period were likely to be between R7.005 billion and R7.670 billion, a 108 percent to 128 percent increase from R3.363 billion.
As a result, headline earnings per share for the period -- the main measure of profitability used by South African companies -- would likely rise to 2,671 - 2,924 cents per share, up from 1,282 cents last year.
Basic earnings were expected to be between 2,690 cents and 2,854 cents per share, up from 831 cents during the same period last year.
Amplats said the expected increase in earnings was due to a higher PGM basket price and a stock count adjustment gain of R1 billion in the period compared to a stock count adjustment loss of R0.5 billion previously.