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Amplats flags deeper drop in H1'16 earnings

Anglo AmericanPlatinum Ltd. on July 12 flagged a year-over-year fall of up to 74%in its basic earnings in the six months through June 30.

Basic earnings are expected to range from 645 million South Africanrand, or 2.45 rand per share, to 1.13 billion rand, or 4.30 rand per share.

These compare with profit attributable to owners of thecompany of 2.44 billion rand, or 9.33 rand per share, in the same period of 2015.

Headline earnings for the same period are also expected todrop by up to 70%, ranging between 745 million rand, or 2.85 rand per share,and 1.24 billion rand, or 4.70 rand per share.

Previously in June, the company flagged a drop of at least 20% in its basic earnings forthe six-month period.

The AngloAmerican Plc unit attributed the decrease primarily to higher metalinventories in 2015, which resulted in a 1.6 billion rand tax gain a year ago,and the negative impact of a decrease in dollar prices in the current six-monthperiod.

The company's financial results for the six months endedJune 30 will be released July 25.