Amplats has pleasure in announcing that the Group’s net profit attributable to ordinary shareholders amounted to R1 639,4 million, which is R1 035,0 million or 171,2% higher than last year’s figure.
The disposal of investments in the diamond trading companies contributed R518,7 million to this result. Headline earnings rose by R516,3 million, or 85,4%, to R1 120,7 million.
The improvement was mainly due to a R1438,1 million increase in net sales revenue and an increase of R122,3 million in other net income and net investment income, which was partly offset by a R740,9 million increase in the cost of sales and a R304,5 million increase
in taxation.
Gross sales revenue increased by R1 454,1 million, or 30,4%, to R6 242,3 million. Firmer US dollar metal prices for platinum, palladium and rhodium, partly offset by a lower nickel price, contributed R499,1
million to the increase. The weaker rand added a further R656,6 million and increased metal sales volumes contributed R298,4 million.
Group production of refined platinum amounted to 1 898 400 ounces, an increase of 9,4%.
The cash operating costs of production, excluding certain restructuring and re-engineering costs and net of all other metal revenue, decreased by 19,7% per platinum refined ounce.
The Group’s R1,6 billion expansion program
is proceeding as planned. The Potgietersrust Platinums Limited expansion is scheduled to come on-stream towards the end of this calendar year. The Bafokeng Rasimone mine is expected to commence production in the year 2000. Capital
expenditure, both on-going and expansion, amounted to R1 026,6 million (1997 : R502,0 million).
The Board has resolved to award a final cash dividend of 190,0 cents per share (1997 : 135,4 cents), thus increasing the total
cash dividend for the year by 51,7% to 305,0 cents (1997 : 201,0 cents).
For further information, contact Johan Adler
Tel: (011) 373-6637
Cell: 083 627-3918