Index falls as earnings results weigh; pound above $1.33, Bodycote soars
Investing.com -- South Africa’s Valterra Platinum (JSE:VAL) reported an 81% decline in half-year profit on Monday, as the mining company faced reduced output and expenses related to its separation from Anglo American (JO:AGLJ) Platinum.
The platinum group metals (PGM) producer posted headline earnings of 1.2 billion rand ($67.62 million) for the six months ending June 30, compared to 6.5 billion rand in the same period last year.
Valterra’s PGM sales fell by 25% to 1.48 million ounces during the first half of the year.
The company attributed this decrease primarily to flooding at its Amandelbult operations following heavy rainfall in February.
The miner announced an interim dividend of 2 rand per share, representing a 79% reduction from its payout a year earlier.
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