By Jaime Llinares Taboada


Impala Platinum Holdings Ltd. on Tuesday reported a profit drop for the first half of the fiscal year, as it faced safety stoppages, industrial action and power-supply interruptions, and lowered full-year production guidance.

The South African mining company, which also operates in Zimbabwe and Canada, made a net profit of 13.84 billion rand ($900.8 million) for the six months ended Dec. 31. This was down from ZAR25.08 billion a year earlier, when Implats booked gains of ZAR10.6 billion on the reversal of impairment losses and prepayment of royalties.

Earnings before interest, taxes, depreciation and amortization dropped 4.3% to ZAR23.99 billion.

Implats declared an interim dividend of ZAR5.25 a share down from ZAR10.00 a year earlier.

The company warned that production shortfalls and maintenance extensions will affect full-year performance. As a result, Implats lowered platinum group metals production guidance for the year ending June 30 to 3.10 million-3.20 million ounces, with operating costs of between ZAR16,800 and ZAR17,400 an ounce. Back in September, Implats had forecast production of 3.30 million-3.56 million ounces, with operating costs of ZAR15,600-ZAR16,300 an ounce.


Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT


(END) Dow Jones Newswires

03-01-22 0129ET