By Joe Hoppe


Impala Platinum Holdings Ltd. on Thursday reported a rise in profit for the first half of the fiscal year on the back of robust pricing and destocking inventory, and backed production guidance.

The South African platinum miner made a net profit of 13.97 billion rand ($770.6 million ) for the six months ended Dec. 31, up from ZAR13.84 billion a year earlier. The company said the rise in net profit was due to strong platinum group metal pricing and destocking which offset lower refined volumes, though it was hampered by inflation and rand depreciation.

Earnings before interest, taxes, depreciation and amortization rose to ZAR24.51 billion from ZAR23.99 billion. Headline earnings per share slipped 2% to ZAR16.54

Implats declared an interim dividend of ZAR4.20 a share, down from ZAR5.25 a year earlier.

The company backed its fiscal 2023 production guidance, but cautioned it now expects higher costs.

In September, Implats had forecast platinum group metals production for the year ending June 30 of 3.0 million-3.15 million ounces, with operating costs of ZAR18,200-ZAR19,200 an ounce. It now forecasts operating costs of ZAR18,500-ZAR-19,500 an ounce on broad-based inflationary pressures, exacerbated by rand depreciation.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

03-02-23 0124ET