Anglo Platinum 1H Net Profit Up 15% On Higher Metals Prices

26th Jul 2010 07:18

By Robb M. Stewart Of DOW JONES NEWSWIRES JOHANNESBURG (Dow Jones)--Anglo Platinum Ltd. (AMS.JO), the world's largest producer of the metal, said Monday its half-year net profit jumped 15% as it benefited from increased platinum prices. Net profit rose to 3.29 billion rand ($443.3 million) for the six months from ZAR2.86 billion a year earlier, while revenue increased 21% to ZAR20.78 billion from ZAR17.18 billion. Basic earnings per share climbed 10% to 1,314 cents, in line with guidance given by the company earlier this month. Refined platinum production for the period was 19% higher at 1.2 million troy ounces, the Johannesburg-based company said. Angloplat earlier in July appointed Cynthia Carroll, chief executive officer of parent company Anglo American PLC (AAL.LN), as its chairman in place of Fred Phaswana, who leaves next month to join Standard Bank Group Ltd. (SBK.JO). The company's shares ended Friday at ZAR735, down about 7% since the start of the year (vs 792.5) against a rise of slightly more than 1% in Johannesburg's blue chip Top 40 index. Company web site: www.angloplatinum.com -By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; [email protected] (END) Dow Jones Newswires July 26, 2010 02:18 ET (06:18 GMT)