Royal Bafokeng Platinum doubles first half profit

JOHANNESBURG (Reuters) - South Africa's Royal Bafokeng Platinum more than doubled its first-half earnings, due in large part to a weaker rand currency that helped it bolster revenue, the company reported on Monday.

The mining house, primarily owned by the Royal Bafokeng tribe, said headline earnings per share totaled 87.2 cents in the six months to end June, up from 43 cents a year earlier.

Headline EPS is the main gauge of profit on the Johannesburg bourse and excludes certain one-time items.

Platinum group metal production was up 1.1 percent at 130,278 ounces.

The company is targeting full-year output of 2.3 million tonnes milled but warned a three-week repair of its primary mill may impact the final number.

Mining firms benefit from a weaker rand because they pay expenses in the local currency while selling output in dollars.

Shares of Royal Bafokeng Platinum have shed almost 15 percent in the last six months, compared to a 28 percent decline in the JSE's Platinum Index.

Source: http://news.yahoo.com/royal-bafokeng-platinum-doubles-first-half-profit-065436419.html

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