By Michael Susan
Impala Platinum Holdings Ltd. on Thursday posted lower gross profit for fiscal 2022 as sales fell due to operational issues, and said it was cutting its dividend payout.
The South African platinum miner reported gross profit of 41.28 billion South African rand ($2.41 billion) for the financial year ended June 30, compared to ZAR 53.45 billion for the financial year 2021.
Revenue was ZAR 118.33 billion compared to ZAR 129.57 billion the previous year, and above the consensus estimate of ZAR 118.16 billion, taken from FactSet and based on forecasts from eight analysts.
Overall profit amounted to ZAR 32.03 billion compared to ZAR 36.36 billion the previous year, with overall earnings per share of ZAR 38.56, compared to ZAR 46.35 for the 2021 financial year, a he added.
The board declared a final dividend of ZAR 10.50, down from ZAR 12 the previous year. This brings the total dividend to ZAR 15.75 from ZAR 22.00 a year ago.
The company said tighter palladium and rhodium markets should provide price support over the medium term.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswire
September 01, 2022 01:52 ET (05:52 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
