Investors punish Amplats over impairments and profit slide
The platinum miner warns of impairments totalling R2.2bn, reduced sales and a drop in interim profit by up to two-thirds
Anglo American Platinum (Amplats) investors battered the shares of the world’s largest platinum producer on Tuesday morning after the company warned of impairments totalling R2.2bn, reduced sales and a drop in interim profit by up to two-thirds. By the end of the trading session, Amplats, which is 80% owned by Anglo American, had recovered much of the ground it gave up after investors reacted negatively to the trading update ahead of the release of interim results on Monday, sending the shares to a session low of R303.20 from a R318.20 close on Monday. By late afternoon, the shares had recovered and were trading less than 1% below Monday’s close.