ANGPY Anglo American Platinum Ltd (PK)

By Jaime Llinares Taboada

Anglo American Platinum Ltd. on Monday reported lower pretax profit for the first half of 2020 mainly driven by one-off charges.

The South Africa-based miner, which is majority owned by Anglo American PLC, made a pretax profit of 9.35 billion rand ($561.1 million) in the six months ended June 30, down from ZAR10.06 billion a year earlier.

Performance was negatively affected by a ZAR1.38 billion loss on fair value remeasurements of financial assets and liabilities.

Earnings before interest, taxes, depreciation and amortization--one of the company's preferred metrics--increased to ZAR13.1 billion from ZAR12.4 billion. Gross revenue was up 28% at ZAR54.78 billion, as stronger platinum prices more than offset significantly lower production.

AA Platinum declared an interim dividend of ZAR10.23 per share, down from ZAR11.00 a year earlier.

The company said that it expects to deliver stronger performance in the second half of the year.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;

(END) Dow Jones Newswires

July 27, 2020 03:43 ET (07:43 GMT)

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