Impala Platinum Fiscal Year 2023 Hurt by Lower Rand PGM Pricing, Production, Sales

By Ian Walker

Impala Platinum Holdings reported a fall in profits for the fiscal year on lower revenue due to a drop in rand platinum group metal pricing, lower refined production and sales and after booking a number of impairments in its accounts.

The precious-metals mining company said Thursday that basic earnings for the year ended June 30 was 4.91 billion South African rand ($262.9 million) compared with ZAR32.05 billion and guidance of between ZAR4 billion and ZAR6 billion provided on Aug. 15.

Revenue for the year fell to ZAR106.59 billion from ZAR118.33 billion.

Headline earnings--a company-preferred metric that strips out exceptional and other one-off items--was ZAR18.80 billion compared with ZAR32.03 billion for the comparable period a year earlier, and company guidance of between ZAR18 billion and ZAR20.0 billion.

Group refined 6E production fell 4% to 2.96 million ounces. For the year ahead, the company said it expects production of between 3.30 million and 3.45 million ounces. Group unit costs are forecast to rise by between 6% and 10% to between ZAR21,000 an ounce and ZAR22,000 an ounce compared with ZAR19,834/oz.

The board declared a final dividend of 165 South African cents a share compared with 1,050 South African cents.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

August 31, 2023 01:59 ET (05:59 GMT)

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