Anglo American Plc unit Anglo American Platinum Ltd. updated the forecast for full year 2017 and said it expects its headline earnings to increase to between 3.65 billion South African rand and 4.00 billion rand, compared to 1.87 billion rand in 2016.
Headline EPS is expected between 13.92 rand and 15.26 rand, compared to 7.13 rand a year ago, according to the Feb. 6 release.
Basic earnings for 2017 are expected to increase to between 1.85 billion rand and 1.97 billion rand, and to between 7.06 rand per share and 7.51 rand per share, compared to 2.41 rand per share in the prior year.
The increase in headline and basic earnings is mainly due to a strong operational performance, strict cost control and higher platinum group metal sales volumes, together with a 2% increase in the rand basket price.
The basic earnings for the year will also include impairments of 3.9 billion rand, of which 2.2 billion rand were recognized in the first-half results.
Basic earnings will also include profit of 1.2 billion rand on the sale of assets, including disposal of the Amandelbult resources and a loss of 900 million rand on disposal of the Rustenburg mine.
