Amplats’ H1 Profits Nearly Double 2012 Results

Bloomberg reported that Anglo American Platinum Ltd.’s (OTC Pink:AGPPY) profits for the first half of 2013 nearly doubled compared to the year-ago period. The company will release its full earnings report “on or about July 22.”

As quoted in the market news:

Earnings per share excluding one-time items probably rose to a range of 4.80 rand ($0.50) to 5.35 rand in the six months through June compared with 2.73 rand a year earlier, the Johannesburg-based company said in a statement. The stock climbed as much as 2.6 percent, the most in a week.

The price of platinum declined 0.5 percent to an average $1,549 an ounce in the first half compared with a year earlier while the rand depreciated 14 percent against the dollar, making it the worst performer among 16 major currencies tracked by Bloomberg. The currency swing has helped Amplats, as the company is known, offset above-inflation gains in costs such as electricity and wages.

Click here to read the full Bloomberg report.