“Anglo American Platinum Ltd. (AMS), the biggest producer of the metal, reported a loss for 2012 and continues to suspend its dividend as sales of refined platinum fell and cash operating costs rose.
Anglo American Platinum had a so-called headline loss excluding one-time items of 1.47 billion rand ($166 million), or 5.62 rand a share, from a profit of 3.57 billion rand, or 13.65 rand a share, the Johannesburg-based company said in a statement today. The average estimate of seven analysts surveyed by Bloomberg was for a loss of 5.59 rand a share. The company last year skipped its interim dividend.
The company, controlled by Anglo American Plc (AAL) and known as Amplats, last month proposed to shut four mine shafts to curb costs and stem losses spurred by a two-month strike last year. The plan, which would cut about 7 percent of global output, was put on hold following criticism from the South African government. The postponement allows for talks with the Department of Mineral Resources and unions.
“We need to take action to turn this business around,” Chief Executive Officer Chris Griffith said on a conference call today. “Primary supply challenges will continue in 2013.”
Local analysts use headline earnings as the benchmark measure of company performance. Amplats reported an attributable loss of 6.68 billion rand compared with a profit of 3.59 billion rand. Cash operating costs increased 21 percent to 16,364 rand per refined ounce, it said….”
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