Anglo American Platinum 1st Half Profit, Earnings Fell; Backs Full-Year View

By Christian Moess Laursen

Anglo American Platinum said Monday that pretax profit and headline earnings dropped in the first half of the year, and backed its full-year guidance.

The South African precious metals company, which is majority owned by Anglo American PLC, said its pretax profit fell to 10.93 billion South African rand ($608.8 million) from ZAR37.20 billion in the first half of 2022.

Headline earnings were ZAR7.9 billion in the period, down from ZAR26.7 billion, resulting in headline earnings per share of ZAR29.84 compared with ZAR101.40 a share a year prior.

Platinum group metals production fell 7% in the period due to lower grades at the Mogalakwena mine and the unplanned maintenance shutdown at the Baobab plant, while basket prices declined 29% to $1,885 an ounce on an uncertain macroeconomic environment.

Adjusted earnings before interest, taxes, depreciation and amortization dropped to ZAR13.445 billion from ZAR42.06 billion due to significantly lower prices, lower sales volumes and higher costs, and on the back of a 24% decline in gross revenue to ZAR64.69 billion.

The company backed its full-year guidance.

Write to Christian Moess Laursen at christian.moess@wsj.com

(END) Dow Jones Newswires

July 24, 2023 03:00 ET (07:00 GMT)

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