South Africa's Northam Platinum H1 profit soars, sees solid FY output

JOHANNESBURG (Reuters) - South Africa's Northam Platinum said on Friday half-year profit surged 192 percent boosted by higher sales volumes, an increase in the basket price of platinum group metals (PGM) and a weakening rand.

Normalised headline earning per share (HEPS) for the six months ended Dec. 31 rose to 108.5 cents, from 37.1 cents during the same period a year earlier.

HEPS is the main profit measure used in South Africa which strips out certain once off items.

Revenue rose 49 percent to 5 billion rand ($357.2 million)for the period, the platinum miner said.

Northam said its strong financial position, financial controls and development of shallow, mechanisable operations at its Booysendal and Eland mine would allow it to take advantage of improved market conditions going forward.

"Our operations are performing well, and we expect to deliver a solid production performance for the full year," said Northam Chief Executive Paul Dunne.

($1 = 13.9979 rand)

(Reporting by Tanisha Heiberg; Editing by Gopakumar Warrier)