2023-08-15 11:33:07 ET
Impala Platinum ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) reported Tuesday it expects both basic and headline earnings for the year ended June 30 will decline , hurt by lower metal prices, increased operational issues and higher inflation.
Implats ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) said it now expects full-year basic earnings will fall to between 4B-6B South African rand ($209.7M-$314.5M), down 81%-88% Y/Y, and full-year earnings per share will drop to 4.70-7.06 rand. down 82%-88% from the prior-year period.
The miner sees full-year headline earnings declining by 38%-44% to 18B-20B rand, and headline earnings per share dropping 39%-45% to 21.17-23.52 rand.
Implats ( OTCQX:IMPUY ) ( OTCQX:IMPUF ) attributed most of the earnings decline to lower revenue arising from an 18% lower achieved dollar metal price, partially offset by a weaker rand.
The company also said it has been hurt by increased frequency and severity of load curtailment and cable theft, and a lower U.S. dollar rhodium price also led to a 2.1B rand after-tax writedown of closing inventory.
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Implats forecasts sharply lower earnings on weaker metal prices