By Jaime Llinares Taboada

 

Anglo American Platinum Ltd. on Monday reported that profits fell in the first half of 2022, reflecting lower sales.

The South African precious metals company, which is majority owned by Anglo American PLC, said that its basic earnings dropped to 26.7 billion rand ($1.59 billion) in the six months ended June 30 from ZAR46.4 billion a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization fell 32% to ZAR42.8 billion.

The company said that this reflected lower sales volumes compared with the first half of 2021, when it recorded increased refined production due to higher-than-normal inventory.

Anglo American Platinum said that it expects to achieve its current full-year guidance, but warned of potential headwinds such as further Covid-19-related disruptions and load-shedding by South Africa's utility Eskom.

 

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

 

(END) Dow Jones Newswires

July 25, 2022 03:00 ET (07:00 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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