RBPlat posts 58% fall in H1 profit on lower metal prices, soaring costs

S.Africa's RBPlat posts 58% fall in H1 profit on lower metal prices, soaring costs
Credit: Royal Bafokeng Platinum Ltd.

South Africa’s Royal Bafokeng Platinum Ltd reported a 58.1% fall in half-year profit on Tuesday, hurt by lower metal prices and higher mining costs.

RBPlat’s headline earnings per share, the main profit measure in South Africa, fell to 7.67 rand ($0.4638), in the six months to June 30, from 18.32 rand.

The company’s cash operating costs rose 20.4% year-on-year to 4.325 billion rand ($261.44 million), driven by higher production volumes and “external inflationary pressures”.

Platinum group metals have come off their highs seen during the early part of 2021, when the global economy started to emerge from the covid-19 shutdowns.

RBPlat declared an interim dividend of 2.45 rand per share, compared to 5.35 rand last year.

($1 = 16.5431 rand)

(By Nelson Banya; Editing by Christian Schmollinger and Shounak Dasgupta)

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