South African Anglo American Platinum (Amplats), the world’s biggest platinum producer, said it expects its half-year earnings to soar by up to 96% y/y thanks to the weakening of the rand against the U.S. dollar and higher sales volumes, which have been partially offset by higher costs and lower dollar metal prices.
The company forecast its headline earnings per share to rise to between 480 cents and 535 cents in H1 2013 from 273 cents in the same period last year. Headline earnings, which exclude certain one-off items, are the major profitability gauge in South Africa.
Basic earnings per share are seen at between 450 cents and 486 cents in H1 2013, compared to a loss of 178 cents in H1 2012, when they were affected by one-off loss of ZAR 1.2bn (455 cents per share), resulting from the write-down of investments, projects and assets that were considered uneconomical.
Amplats plans to release its half-year report on or about July 22, 2013.
Amplats, 80%-owned by global mining group Anglo American, swung to a headline loss of ZAR 1.47bn (EUR 113.7mn) in 2012 from a profit of ZAR 3.57bn a year earlier, hurt mainly by a two-month unlawful work stoppage at its Rustenburg, Union and Amandelbult operations and also by lower platinum prices and rising costs.
The company has initiated a restructuring plan to restore its profitability, which envisages 6,000 job cuts and a reduction of its output by some 250,000 ounces in 2013 and by an additional 100,000 ounces per year in the medium term.
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