By Christian Moess Laursen


Impala Platinum said it expects to report that earnings for its fiscal first half fell significantly further than previously flagged, dragged by foreign-exchange pressures, property and equipment impairments, and a cash hit from the consolidation of Impala Bafokeng's cost base.

The world's second-biggest platinum miner said Thursday that it now anticipates headline earnings for the half-year ended Dec. 31 to decrease by between 75% and 82% to between 2.5 billion and 3.5 billion South African rand ($132.3 million-$185.2 million).

Headline earnings-per-share are expected to drop by between 76% and 83% to between 279 cents and 391 cents per share, the Johannesburg-based precious-metals miner said.

In January, Impala said it expected headline earnings and earnings per share for the period to be at least 20% lower than the ZAR14.0 billion and 1,654 cents, respectively, reported a year earlier.

The drop in earnings is primarily due to lower revenue from a 37% lower achieved dollar revenue per ounce sold, partially offset by an 8% weaker rand, it said.

Sales volumes were 12% higher, benefiting from the consolidation of Impala Bafokeng and improved operational momentum, the company said.


Write to Christian Moess Laursen at christian.moess@wsj.com


(END) Dow Jones Newswires

02-08-24 0300ET