ANGPY - Anglo American Platinum sees big H1 earnings drop as metals prices fell

2023-07-17 12:32:28 ET

Anglo American Platinum ( OTCPK:ANGPY ) said Monday it expects to report H1 headline earnings declined 65%-75% Y/Y , anticipating profit for the period at 6.7B-9.4B South African rand ($370B-$519B) compared to 26.7B rand a year earlier.

The miner sees headline earnings per share falling to 2,544- 3,569 South African cents from 10,140 cents in H1 2022.

Amplats ( OTCPK:ANGPY ) shares fell as much as 6% in Johannesburg, leading a retreat in a South African index of precious metals producers.

The company said earnings declined as the price of rhodium and palladium sank 47% and 29% Y/Y respectively, and sales volumes fell 12% in a reflection of maintenance at its Polokwane smelter and load curtailment by South Africa's Eskom power utility.

The Anglo American ( OTCQX:AAUKF ) ( OTCQX:NGLOY ) unit is scheduled to release earnings for the six-month period on July 24.

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