AGPPY - Amplats H1 profit slides on lower sales volumes

Anglo American Platinum ( OTCPK:ANGPY ) ( OTCPK:AGPPY ) said H1 2022 profits fell 43% to 26.7B South African rand ($1.59B) from 46.4B rand in the year-ago period, citing weaker platinum group metal prices and lower volumes compared with record sales a year ago.

Amplats' ( OTCPK:ANGPY ) headline earnings - the main profit measure in South Africa - fell to 101.4 rand/share ($6.02) for the half-year ended June 30 from 176.47 rand/share a year earlier, while adjusted EBITDA fell 32% to 42.8B rand.

The world's biggest producer of platinum group metals maintained full-year guidance for unit cost of production at 14K-15K rand per PGM oz, which would represent a Y/Y cost increase of 9.1%-16.9%, but warned of potential headwinds such as further COVID-related disruptions and load-shedding by South Africa's Eskom utility.

The miner also cut guidance for full-year capital spending to 16B-17.5B rand.

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