ANGPY Anglo American Platinum Ltd (PK)

By Alex MacDonald

LONDON--Anglo American Platinum Ltd (AMS.JO), the world's largest platinum producer, warned Tuesday that its net earnings in the first half of the year is likely to fall by at least 20% compared with the same period a year before due to lower platinum prices and a tax benefit in the prior year.

The South African platinum producer, which is majority owned by U.K.-listed Anglo American PLC (AAL.LN), is required by South African listing rules to issue a trading update when it expects earnings to likely rise or fall by more than 20% compared with the prior period.

The miner said it expects to report on July 25 at least a 20% drop in basic earnings to 489 million rand ($32.7 million), or 187 cents a share for the first six months of the year ended June 30 compared with the same period a year earlier.

Meanwhile its headline earnings and headline earnings per share, which excludes exceptional items, is forecast to fall by at least 20% to ZAR494 million or 189 cents per share.

The decrease in earnings is primarily due the inventory adjustment in the previous period which resulted in an after tax gain of ZAR1.6 billion or 599 cents per share, and a decrease in dollar metal prices which were partially offset by a weaker rand.

-Write to Alex MacDonald at alex.macdonald@wsj.com

(END) Dow Jones Newswires

June 21, 2016 02:43 ET (06:43 GMT)

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