July 24, 2017 / 6:59 AM / 2 years ago

South Africa's Amplats posts 55 percent drop in H1 profit

JOHANNESBURG, July 24 (Reuters) - South Africa’s Anglo American Platinum (Amplats) interim profits fell 55 percent on lower sales, a stronger rand and tax impairments, the company said on Monday. Amplats headline earnings per share (HEPS), the main profit measure in South Africa that strips out certain one-off items, fell to 285 cents for the six months ended 30 June from a restated 629 cents per share in the previous period.

This was in line with what the company had flagged to the market.

“The lower earnings were as a direct result of lower sales volume from mined production and a weaker basket price compared to H1 2016,” the company said

Amplats, the world’s largest producer of the precious metal and a unit of Anglo American, said it recorded attributable post-tax impairments of 2.2 billion rand ($170 million), which also impacted its earnings. ($1 = 12.9142 rand) (Reporting by Tanisha Heiberg)

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