LONDON (dpa-AFX) - Anglo American Platinum Limited (AAUKY.PK, AAL.L), a South-African miner, on Monday reported a decline in earnings for the full year, amidst a fall in sales and a rise in costs and expenses.
In addition, as part of its proposed restructuring initiatives, the Group is planning to axe around 3,700 jobs.
For the 12-month period, the company posted a net income of R13.446 billion or 14,034 cents per share, compared with R49.296 billion or 48.824 cents a year ago.
Profit before taxation plunged to R18.109 billion from R66.768 billion in 2022.
Headline earnings stood at R14.034 billion or 5,330 cents per share, lesser than R48.824 billion or 18.542 cents per share last year.
Adjusted EBIT was at R18.103 billion, compared with R68.118 billion a year ago.
Excluding items, operating income tumbled to R17.884 billion from previous year's R68.345 billion.
The company's realized dollar basket price fell by 35 percent in 2023 to $1,657 per PGM ounce, the lowest level since 2019. This reduction was predominantly caused by a decline in palladium and rhodium metal prices, which reduced by 37 percent and 58 percent respectively.
The decrease in price combined with higher costs, as a result inflation energy costs, increased drilling activities, and higher labor and mechanical spares costs were the main drivers of EBITDA declining by 67 percent to R24 billion.
Adjusted EBITDA decreased to R24.434 billion from R73.913 billion a year ago.
Cost of sales was R 103.570 billion, up from previous year's R 93.578 billion.
Cash operating cost per PGM oz produced stood at R17.859 billion as against last year's R15.338 billion.
Cash operating costs increased to R49.419 billion from last year's R44.413 billion.
Market development and promotional expenditure was up at R1.800 billion, compared with R1.342 billion.
Excluding trading, net revenue per ounce fell to R30.679 billion from R41.453 billion last year.
Total net revenue was at R124.583 billion, down from R164.090 billion, reflecting a 24 percent decline year-on-year as a result of lower realized PGM prices, most notably palladium and rhodium.
The Group will pay a final dividend of R9.30 per share on April 2, to shareholders of record as of March 28.
In addition, the miner said that its proposed restructuring could hurt around 3,700 jobs, including fixed-term employees across the South African operations.
In parallel, the Group has initiated a contractor/vendor review process that could impact approximately 620 service providers or contractors.
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