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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.
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.