Anglo-American Platinum (Amplats) shares rose more than 5percent on the JSE on Friday after the group released a favourable trading update for the six months to end June.
The group said that it expected its headline earnings per share to increase by at least 20percent or 57cents a share compared to last year, due to improved operational delivery across the company.
The share price reacted positively and rose to R360.50 a share, up from Thursday’s closing price of R341.47 a share. It closed at R359 at the end of the day.
“Anglo American Platinum advises its shareholders, with reasonable certainty, that due to improved operational delivery across the company and a marginally higher achieved rand basket price, headline earnings and headline earnings per share for the period will be at least 20percent, that is R150million or 57c per share, higher than that reported for the six months to the end of June 2017,” the group said.
Amplats is a member of Anglo American plc and is the world’s leading primary producer of platinum group metals (PMGs).
Last year the group reported headline earnings of R747m as well as headline earnings per share of 285c.
It reported basic earnings and earnings per share were a loss of R1.19billion and a loss of 453c respectively.
On Friday the group said that it anticipated an improvement in its basic earnings and basic earnings per share.
“Basic earnings and basic earnings per share will also be at least 20percent, that is R238m or 91c a share, higher than the comparative period due to impairments in the comparative period," the group said.
- BUSINESS REPORT/ IOL
