South Africa's Implats to swing back to annual profit

  • Reuters
  • Stock Market News
South Africa's Implats to swing back to annual profit
Credit: © Reuters.

JOHANNESBURG, July 8 (Reuters) - South Africa's Impala Platinum (Implats) IMPJ.J said on Monday it expects to swing back to annual profit, thanks to an improved platinum metals' basket price and higher sales volumes.

Improved operational performance will also help headline earnings per share to bounce back in the year ended June 30 from a loss of 171 cents in the previous year. The platinum miner did not disclose the expected range for HEPS.

HEPS is the main profit measure in South Africa, which strips out certain one-off items.

Implats added that it expected refined platinum production for the period to increase by 4% to 1.5 million ounces from 1.4 million ounces, primarily due to improved performance from Impala Rustenburg and a stock release of platinum compared to a build-up in the comparative period.

This is expected to boost platinum sales volumes by 12% to 1.5 million ounces.

At 0843 GMT shares in Implats were up 2.8% at 74.41 rand compared with a 1.6% increase in the Johannesburg Stock Exchange mining index .JMINI .

Implats will release its annual financial results on Sept. 5.

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