South Africa's Amplats says H1 profit almost doubles

JOHANNESBURG (Reuters) - South Africa's Anglo American Platinum, the world's largest producer of the precious metal, nearly doubled its first-half profit on Monday, helped by a weaker rand currency and higher sales.

Amplats said diluted headline earnings per share totalled 512 cents in the six months to end-June, compared with 272 cents a year earlier. Headline EPS, the main measure of profit in South Africa, excludes certain one-time items.

Amplats said the results were boosted by the weaker rand, which fell by about 17 percent during the reporting period.

The company said refined platinum output was unchanged a 1.2 million ounces following a wildcat strikes at its Rustenburg mines.

Labour relations in the mining industry have been strained since a flare-up of union rivalry last year turned into violent wage protests that killed more than 50 people.

Amplats, which is 80 percent held by resources giant Anglo American, plans to lay off up to 6,000 people as it closes three shafts and scales back production in a bid to return to profitability.

Source: http://news.yahoo.com/south-africas-amplats-says-h1-profit-almost-doubles-065615888.html

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