Impala Platinum Fiscal Year 2017 Net Profit Hit by Impairment Charge
September 14 2017 - 2:24AM
Dow Jones News
By Ian Walker
Impala Platinum Holdings Ltd. (IMPUY) reported on Thursday a
much widened net loss for fiscal 2017 after booking a large
impairment.
The platinum group metals miner made a net loss of 8.22 billion
South African Rand ($0.63 billion) compared with a loss of ZAR70
million, on revenue of ZAR36.84 million compared with ZAR35.93
million. It booked an impairment of ZAR10.23 billion in the year
compared with ZAR307 million for the year ended June 30, 2016.
Gross refined platinum production for the year increased 6.4% to
1.53 million ounces, the company said. It added that within this,
production at the Impala Rustenburg mine was disappointing, with
output below original targets, and that production volumes at
Marula were also below target due to community disruptions.
However, it said a restructuring review is underway for a return
to profitability under new normal pricing environment.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
September 14, 2017 02:09 ET (06:09 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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