Anglo American Platinum Sees Lower 1st Half Earnings Due to Adverse Forex

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Precious metals producer Anglo American Platinum Ltd. (AMS.JO) said Tuesday it expects at least a 20% drop in earnings and earnings per share for the first six months of this year as its profits have been negatively affected by currency exchange rates.

The Johannesburg-listed miner said headline earnings for the six months ended June 30 will be 329 million South African rand ($24.8 million) compared with ZAR1.65 billion for the same period a year earlier. Headline earnings per share will be 126 cents a share for the first six months of this year, compared with 629 cents a year earlier.

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The miner said its basic earnings and basic earnings per share would also be at least 20% lower at ZAR312 million or 118 cents per share during the half year compared with ZAR1.54 billion and 589 cents respectively.

The expected decrease in headline earnings and basic earnings is primarily a result of the stronger rand, the company said.

Write to Razak Musah Baba at; Twitter: @Raztweet

(END) Dow Jones Newswires

June 27, 2017 06:04 ET (10:04 GMT)