DIVIDEND PAYMENTS
Northam shares dip on news of larger loss
Northam Platinum’s share price fell 7% on the JSE on Tuesday afternoon after it said it would report a deeper annual loss compared with the previous year, despite its two operations posting record operating profits. Shares in the R21.75bn company recouped some of the losses to close 3.59% lower on the day at R42.66. In Tuesday’s trading update, Northam, which has been on an asset-buying spree and expansions to bulk up its portfolio, warned investors its loss and headline loss per share for the year to end-June would be between 167c and 196c. This compares with a loss of 145.3c and a headline loss of 140.9c per share in the previous financial year. The decline was attributed to higher dividend payments to holders of Zambezi Platinum preference shares. The dividends attract payments of 3.5% above the prime interest rate. “Despite difficult economic circumstances during the reporting period, both of the group’s operating mines, Zondereinde and Booysendal, are expected to record an oper...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.