Anglo American Platinum warns on first-half earnings

The world’s largest platinum producer, Anglo American Platinum, warned on Tuesday that earnings for the six months ended 30 June would be at least 20% lower than the same period last year.

Anglo issued the statement as it noted that South African listing rules require companies to publish a trading statement as soon as they know with reasonable certainty that the financial results for the period to be reported on next will differ by at least 20% from the corresponding period.

Basic earnings and basic EPS will also be at least 20% lower, the company said.

Headline earnings and EPS for the first half of 2015 were 2.5bn and 946 cents, respectively, while basic earnings and basic EPS were 2.4bn rand and 936 cents, respectively.

Anglo said the drop in headline earnings and basic earnings was mostly due to the stock take adjustment in the previous period which resulted in a gain after tax of 1.6bn rand or 599 cents per share, and a decrease in dollar metal prices which were partially offset by a weaker rand.

“The company cannot yet quantify a specific range, and will release a further announcement once there is more certainty.”

The first-half results are due out on 25 July.