Impala Expects A 42 Percent Earnings Cut

Bloomberg reported Impala Platinum Holdings Ltd. (JSE:IMP) expects headline and basic earnings for the year ended June 30 to drop as much as 42 percent.

As quoted in the market news:

Basic and headline earnings probably declined to 6.45 rand ($0.79) to 6.95 rand, compared with 11.05 rand profit in the previous year, the company said in a statement.

The decline is “primarily due to lower sales volumes as a result of the strike” at the Rustenburg operations in South Africa’s North West Province, the Johannesburg-based company said. Production at the mine stopped for six weeks at the start of the year during a battle for control between labor unions.

Click here to read the full Bloomberg report.