Impala Platinum Holdings Reports Lower Profits for Fiscal Year

Overview

Impala Platinum Holdings, a leading precious-metals mining company, has announced a decline in profits for the fiscal year. This comes as a result of lower revenue, primarily due to a drop in the pricing of rand platinum group metals. The company also experienced reduced refined production and sales, along with several impairments recorded in its accounts.

Financial Results

• Basic Earnings: For the year ending June 30, basic earnings amounted to 4.91 billion South African rand ($262.9 million) compared to the previously projected range of ZAR4 billion to ZAR6 billion.
• Revenue: Revenue for the year decreased from ZAR118.33 billion to ZAR106.59 billion.
• Headline Earnings: The company’s preferred metric, headline earnings, was recorded at ZAR18.80 billion for the fiscal year, compared to ZAR32.03 billion in the previous year.
• Refined 6E Production: Group refined 6E production saw a 4% decline, totaling 2.96 million ounces.
• Future Outlook: Impala Platinum Holdings expects production for the upcoming year to be between 3.30 million and 3.45 million ounces, with unit costs projected to rise by 6% to 10%.

Dividends

The board of directors has declared a final dividend of 165 South African cents per share, a significant decrease from the previous year’s dividend of 1,050 South African cents.