IMPLATS: 7,349 +50 (+0.69%)
South Africa's Impala Platinum flags wider full-year loss
JOHANNESBURG, Aug 20 (Reuters) - South African producer
Impala Platinum (Implats) said on Monday that it
expects its full-year loss to widen due to impairments relating
to its Rustenburg assets.
The company flagged a headline loss per share for the year
ending 30 June of between 162 and 186 cents per share, compared
with a loss of 137 cents per share in 2017.
Headline earnings - South Africa's most widely watched
profit gauge - strip out certain one-off items.
"The difference between basic and headline losses is
primarily due to the impairment of property, plant and equipment
as a consequence of the outcome of the Impala Rustenburg
strategic review," Implats said in a statement.
Implats announced earlier this month that it will slash
about a third of its workforce over two years in one of the
biggest rounds of job cuts by one mining company in living
memory in South Africa, with the focus on Rustenburg.
The company is due to report full-year results next month.
($1 = 14.6363 rand)
(Reporting by Patricia Aruo
Editing by Ed Stoddard and Louise Heavens)
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