Amplats' half-year earnings expected to surge
JOHANNESBURG (miningweekly.com) – Prior to publishing its half-year results next week, Anglo American Platinum (Amplats) on Monday said in a revised update to the market that a significant surge in earnings was expected for the six months to June 30.
The expected rise in earnings was attributed to an improvement in operational performance following the protected industrial action in the comparative period, an increase in sales volumes and the weakening of the rand against the US dollar.
Further, the company benefited from an after-tax gain of R1.56-billion – contributing 600c a share – through its increased estimate of the quantity of inventory based on the outcome of the physical count of in-process metals, Amplats said.
While the group initially expected a 20% plus rise on headline earnings and headline earnings per share (HEPS), the JSE-listed mining company now believed headline earnings for the six months under review would increase to between R2.45-billion and R2.48-billion – a 1 461% to 1 480% jump on the prior year – with HEPS rising to 940c to 950c a share, or between 1 467% and 1 483%, compared with the corresponding period last year.
Amplats reported headline earnings and HEPS of R157-million and 60c apiece respectively in the first six months of 2014.
Amplats’ revised basic earnings for the period were expected to increase to between R2.4-billion and R2.48-billion for the six months to June 30, equating to a 459% to 478% rise on the R429-million in the corresponding period the year before.
Earnings per share (EPS) during the period under review would likely rise to between 915c and 945c, or between 458% and 476%, compared with the EPS of 164c in the comparative period the year before.
Amplats would publish its half-year results on July 20.
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