Full-year Profit at Implats Sinks Up to 55 Percent

Bloomberg reported that Impala Platinum Holdings Ltd.’s (OTC Pink:IMPUY) full-year profit fell as much as 55 percent as a result of rising costs and the company’s $230-million asset writedown.

As quoted in the market news:

Headline earnings per share, which exclude one-time items, will be from 3.08 rand to 3.43 rand for the year ended June, compared with 6.85 rand a year earlier, the Johannesburg-based company said in a statement today. That compares with a median estimate for profit of 3.28 rand, according to 18 analysts in a Bloomberg survey.

‘Impairments of 1.3 billion rand of long-term receivables’ cut earnings, Impala said in the statement. A ‘writedown of approximately 1 billion rand of goodwill resulting from the African Platinum Plc acquisition concluded in the 2007 financial year’ also affected profit, it said.

Click here to read the full Bloomberg report.