JOHANNESBURG – Impala Platinum (Implats) reported on Thursday that it had returned to profitability in the year ended June on the back of bumper profits realised as a result of higher platinum group metals (PGM) basket price and a weaker rand.
The JSE listed group told investors it had turned the corner and it expected headline earnings to go up to R3.16 billion from a loss of R1.22bn while headline earnings per share were projected at 440 cents from 171c loss last year.
Chief executive Nico Muller said the improved operational performance, particularly at the Impala Rustenburg operations and higher sales volumes which grew by 12 percent to 1 515 platinum ounces and by 21 percent to 929 000 palladium ounces, boosted the group’s fortunes.
“As a result, gross profit for the period is expected to increase from R1.1bn in the comparative period to R6.8bn in the current period,” Muller said.
“The gross profit for the comparative period was restated from R1.6bn to R1.1bn, a reduction of R440 million, due to a reclassification of certain expenses to cost of sales.”