Thursday May 8, 08:12 AM
Lonmin H1 profit rises
LONDON (ShareCast) - Surging platinum prices helped Lonmin (LSE: LMI.L - news) report a strong rise in half year pre-tax profit. Lonmin
said pre-tax profit rose to $396m for the six months ended 31 March 2008 from $132m the year before on strong platinum prices. Sales for the period rose to $907m from $631m.The London listed company said, "Financial results for the first six months were at record levels on the back of strong platinum group metals price appreciation," said chief executive Brad Mills in a statement. Platinum prices rose an average of 43% over the last 12 months to $1,578 per ounce. The group, which has key operations in South Africa, reiterated a full-year sales forecast of 775,000 ounces of refined platinum. Lonmin has cut its target twice this year. Figures out for last month show platinum production dropped 22% to 346,892 ounces. Electricity outages in South Africa have helped ramp up platinum prices.
|
Send Article by Email
