Implats says full-year headline earnings to surge on higher prices
JSE-listed Impala Platinum (Implats) expects its headline earnings for the year ended June 30 to be between R15.6-billion and R16.2-billion, representing a year-on-year increase of between 413% and 433%.
Headline earnings per share (HEPS) are anticipated to be between R20.07 and R20.84, representing a year-on-year increase of between 374% and 393%.
Headline earnings and HEPS for the year ended June 30, 2019, were R3.08-billion and 423c, respectively.
This while the company has delivered production volumes at the top-end of the guidance range, despite the impact of Covid-19 during the last months of the reporting year.
Production was down about 5% year-on-year to 2.8-million refined and saleable platinum, palladium, rhodium, gold, ruthenium and osmium platinum group metal (PGM) ounces.
Implats says the benefit of a significant increase in the dollar basket price for PGMs, together with rand depreciation, resulted in a meaningful increase in gross profit, which is expected to increase to R23-billion in the year under review, compared with R7-billion gross profit posted in the prior year.
The company will release its results on September 3.
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