Amplats’ 2014 Profit Down 55 Percent

Mineweb reported that the 2014 profit of Anglo American Platinum Ltd. (OTCMKTS:AGPPY) fell by as much as 55 percent from the previous year due to South Africa’s longest mining strike.

As quoted in the market news:

Profit before one-time items, known locally as headline earnings, for the year ending Dec. 31 dropped to between 650 million rand ($57 million) and 875 million rand compared with 1.45 billion rand in 2013, the company said Friday in an announcement to the Johannesburg stock exchange. That translates to 2.50 rand per share to 3.35 rand per share from 5.56 rand per share.

Amplats said in a statement:

The decrease in headline earnings and headline earnings per share is primarily due to the impact of the five-month industrial action which impacted on operational performance.

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