Impala Platinum : Fiscal Year 2017 Net Profit Hit by Impairment Charge
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 [email protected]; @IanWalk40289749