Impala Platinum Holdings Ltd. said full-year profit may fall as much as 62 percent after the world’s second-largest producer of the metal incurred full costs while returning to normal production following a five-month strike.
Earnings per share excluding one-time items will probably be 0.33 rand to 0.47 rand in the year through June, or 45 to 62 percent lower than the same period in 2014, the Johannesburg-based company said in a statement Monday.
Output at its Zimplats unit was also lower due to a mine collapse, Impala said. The loss of earnings due the fallout of the strike “was mitigated through cost curtailment measures,” it said.
Mineworkers at the South African operations of Impala, Anglo American Platinum Ltd. and Lonmin Plc, the world’s three biggest producers of the metal, went on a strike over pay that ended in June last year. The companies took as long as five months to return to normal production levels. Platinum prices have dropped 18 percent this year.
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