Implats expects to swing into profit for year
Impala Platinum (Implats) expects to swing into profit in the year to June 30 after increasing refined platinum production by 4 percent.
The mining group released a trading statement yesterday ahead of the publication of its annual results on or around September 5.
Its share price increased 3.83 percent to R75.20 yesterday afternoon after the release of the trading statement.
The increased turnover was mostly due to an improved performance from Impala Rustenburg and a stock release of platinum compared with a build-up in the comparative period, the group said.
Platinum sales volumes were expected to rise 12 percent. An improved platinum group metals basket price in rand and improved operational performances were expected to result in positive basic and headline earnings per share compared with the previous year, when a headline loss per share of 1486 cents and 171c were reported, respectively.
Basic earnings in financial 2018 were impacted by impairments of R9.7 billion (or 1350c per share) arising out of the costs associated with restructuring Impala Rustenburg. The improved operational performance was consistent with positive earnings reported for the half-year to December 31, 2018. “This represents a significant improvement in the group performance for the period,” Implats said.