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SA Amplats swings to ZAR 1.45bn headline earnings in 2013 on higher sales revenue

February 4, 2014

South African Anglo American Platinum (Amplats), the world's biggest platinum producer, said it swung to headline earnings of ZAR 1.45bn ( EUR 96.6mn ) in 2013 after posting a loss of ZAR 1.47bn a year earlier. The 2013 results were boosted by a weaker rand and higher sales volumes. The company's headline earnings per share, which exclude certain one-off items and are the major profitability gauge in South Africa , totalled ZAR 556 in 2013 compared to a headline loss per share of ZAR 562 a year earlier. Net sales revenue grew 22% y/y to ZAR 52.4bn in 2013 due to higher sales volumes and the impact of the weakening of the rand against the US dollar. Refined platinum sales grew 7% y/y to 2.32mn ounces. Equivalent refined platinum production (equivalent ounces are mined ounces expressed as refined ounces) from the mines managed by Amplats and its joint venture partners increased by 5% y/y to 2.32mn ounces, in line with end-year target. The company recently initiated a restructuring plan to restore its profitability, which envisaged 3,300 job cuts and a reduction of output. JSE-listed Amplats is 80%-owned by global mining group Anglo American .

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Source: IntelliNews - Weekly Reports

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