JOHANNESBURG (miningweekly.com) – JSE-listed Northam Platinum expects to report narrowed losses a share for the year ended June 30.
The company on Wednesday said it was likely to report a loss a share of between 158.6c and 132.2c, and a headline loss a share of between 152.2c cents and 131.9c.
This compares with the 264.3c loss a share and the 202.9c headline loss a share reported in the prior financial year.
The anticipated loss is attributable to the higher Zambezi Platinum preference share dividends consolidated in the group’s results compared with the prior year.
In line with International Financial Reporting Standards, Zambezi’s results are consolidated into the Northam group results, as a result of it having effective control over Zambezi.
Meanwhile, Northam’s platinum group metal production is substantially higher year-on-year, with both the Zondereinde and Booysendal mines recording an operating profit.
However, the group’s total operating profit is between 30% and 40% lower than the previous comparable year owing to a lower average basket price achieved.
The preliminary results for the financial year will be released on August 26.