Implats expects full-year headline earnings of up to R36.8bn
Platinum group metals miner Impala Platinum (Implats) says it expects to report headline earnings per share (HEPS) of between R45.65 and R46.91 for the financial year ended June 30.
Headline earnings for the period are expected to be between R35.8-billion and R36.8-billion.
This represents an increase of between 122% and 129% for headline earnings and an increase of between 120% and 126% for HEPS. Headline earnings and HEPS for the comparative period were R16.1-billion and R20.75, respectively.
The increase in headline earnings was partially offset by a one-off non-cash International Financial Reporting Standards 2 black economic empowerment (BEE) charge of R1.5-billion, or 193c a share (no tax impact), arising on the Marula BEE loan refinancing.
Basic earnings for the period, meanwhile, are expected to be between R46.5-billion and R47.5-billion and basic earnings per share (EPS) are expected to be between R59.28 and R60.56 a share, representing an increase of between 189% and 195% for basic earnings and an increase of between 187% and 193% for basic EPS.
This includes the impact of the reversal of impairment losses on property, plant and equipment and the prepayment of royalties of R10.6-billion, or R13.51 a share, post-tax, recognised in prior periods.
These impairment reversals are non-cash and have been excluded from headline earnings, Implats notes.
Basic earnings and basic EPS in the comparative period were R16.1-billion and R20.66 a share, respectively.
Implats will release its results for the period by September 2.
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