JOHANNESBURG - Royal Bafokeng Platinum on Tuesday reported a 55.7 drop to 25 cents in its headline earnings per share for the year ended December 31.

The platinum producer's revenue rose 3.7 percent to R3.627 billion, helped by a 9.7 percent increase in the realised average rand basket price per platinum ounce.

Despite the reduction in output from its Bafokeng Rasimone Platinum Mine (BRPM), Royal Bafokeng said its overall platinum ounce production increased 12.7 percent year-on-year with the inclusion of Styldrift’s on-reef development. 

Palladium and rhodium contributed 36.2 percent to the revenue the company earned from its operations in 2018, an increase of 6.5 percent year-on-year and platinum contributed 46.4 percent.

Royal Bafokeng said its focus for 2019 would be on achieving strategic objectives through maintaining earnings growth.

In addition to normal ongoing operational challenges, the operating environment would include the complexities inherent in wage negotiations, as the company's current five-year wage agreement signed with the National Union of Mineworkers in July 2014 was ending in June.

African News Agency (ANA)