Valterra Platinum (LSE:VALT) reported a sharp 81% drop in profit for the first half of the year, citing reduced production and financial impacts from its recent spin-off from Anglo American Platinum (LSE:AAL).
The South African producer of platinum group metals recorded headline earnings of 1.2 billion rand ($67.62 million) for the six months ending June 30, significantly down from 6.5 billion rand during the same period in 2023.
PGM sales volumes declined by 25% year-on-year, with the company selling 1.48 million ounces in the first half. The drop in output was largely the result of flooding at its Amandelbult site, which was affected by intense rainfall in February.
In line with the earnings slump, Valterra declared an interim dividend of 2 rand per share—a 79% decrease compared to last year’s mid-year distribution.
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