2023-07-24 10:35:18 ET
Anglo American Platinum ( OTCPK:ANGPY ) ( OTCPK:AGPPF ) reported Monday its H1 headline earnings plunged 70% in the first half of the year, but it nevertheless maintained its full-year production guidance.
The South African company, which is majority owned by Anglo American ( OTCQX:AAUKF ) ( OTCQX:NGLOY ), said H1 headline earnings fell to 7.9B rand, or 29.84/share, from 26.7B rand, or 101.40/share, in the year-earlier quarter.
Amplats ( OTCPK:ANGPY ) ( OTCPK:AGPPF ) said its realized basket price for platinum group metals oz fell 29% Y/Y to $1,885/oz, while PGM production fell 7% due to lower grades at the Mogalakwena mine and the unplanned maintenance shutdown at the Baobab plant, as well as the impact of South African electricity outages.
H1 EBITDA fell to 13.44B rand from 42.06B rand due to the lower prices, lower sales volumes and higher costs, with gross revenues declining 24% from a year ago to 64.69B rand.
The company maintained full-year production guidance of 3.6M-4.2M PGM oz.
Amplats ( OTCPK:ANGPY ) ( OTCPK:AGPPF ) declared a dividend of 12 rand/share, down from 81 rand/share during the same period last year.
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Anglo American Platinum H1 earnings slumped as PGM prices tumbled