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S.Africa's Northam Platinum expects FY profits to rise by over 100%
JOHANNESBURG, Aug 12 (Reuters) - South Africa's Northam
Platinum said on Monday it expected its full-year
profits to be over 100% higher than in 2018 after achieving
record production and operating profit.
The miner said it anticipated its headline earnings per
share (HEPS) - the main profit measure in South Africa - for the
year until June 30 to stand between 14.8 cents and 16.8 cents,
representing an increase of 107.4% to 108.4%.
In a stock exchange statement, the company said it expected
to report a record operating profit of 2.4 billion rand
($156.47 million), which it attributed to efforts to contain
costs and a higher basket price.
The group had also achieved record production from its own
operations, up 7.4% on 2018, while sales volumes increased by
23.3%, it added.
Normalised headline earnings, which in Northam's case are
adjusted for the impact of a black economic empowerment
transaction, were expected to rise by over 220% to 1.3 billion
rand, it said.
($1 = 15.3380 rand)
(Reporting by Emma Rumney; editing by David Evans)
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