Implats expects considerably lower earnings owing to dollar metal price, logistics
JSE-listed Impala Platinum (Implats) expects its headline earnings for the year ended June 30 to decrease by between 38% and 44% year-on-year to between R18-billion and R20-billion and its headline earnings a share to decrease by between 39% and 45% to between R21.17 and R23.52.
Basic earnings for the period are expected to decrease by between 81% and 88% to between R4-billion and R6-billion and its earnings a share by between 82% and 88% to between R4.70 and R7.06.
Implats says earnings for the period decreased primarily owing to lower revenue arising from an 18% lower achieved dollar metal price, partially offset by a 16% weaker rand.
The impact of the increased frequency and severity of electricity load curtailment and cable theft resulted in a cumulative loss of about 147 000 oz of refined platinum, palladium, rhodium, ruthenium, osmium and gold for the period, which negatively impacted on sales volumes.
Cash costs continued to be negatively impacted by higher inflation and the impact of the weaker rand on the translated costs of Zimplats and Impala Canada.
In addition, the lower dollar rhodium price at the end of the period resulted in an about R2.1-billion (post-tax) write-down of closing inventory, which negatively impacted on earnings.
Basic earnings were further impacted by charges including impairment of property, plant and equipment at Impala Canada of R7.8-billion owing to the combined impact of a material decrease in the dollar palladium price profile and higher prevailing inflation; a loss on the remeasurement of the previously held equity investment in Royal Bafokeng Platinum (RBPlat) of R1.8-billion; and an impairment of goodwill of R4.2-billion arising on the acquisition of RBPlat.
Implats will release its audited results for the year on or about August 31.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
