Valterra Platinum's transition year: Profit falls 81% as new opportunities emerge

VALTERRA Platinum's half-year profit slumped 81% in a pivotal period of transition that saw the demerger from Anglo American, the launch of a new identity, and a secondary listing on the London Stock Exchange.

- EDWARD WEST

Valterra's share price slipped 2.19% on the JSE Monday morning to R855.90 after the release of the results for the six months to June 30, but the price is nonetheless 22.5% higher than at the same time last year.

Headline earnings per share fell 81% to R4.73 per share, mainly due to demerger costs and lower output. Headline earnings came to R1.2 billion, down from R6.5bn in the same period last year.

Platinum group metals (PGM) sales fell by 25% to 1.48 million ounces, due mainly to the impact of flooding at its Amandelbult operations after heavy rains in February. The interim dividend of R2 per share was 79% lower than a year before. Own mined M&C (mining and concentrating) production, excluding Amandelbult, was in line with the prior year at 770 000 ounces.