Impala Platinum Holdings Ltd. said profit plunged 88% in the first half of its current financial year, as it followed peers by reporting much lower earnings because of plummeting prices in the metals they mine.
The Johannesburg-based miner announced Thursday that basic earnings dropped to 1.6 billion rand ($83 million) in the six months through December. After the prices of platinum, palladium and rhodium declined sharply last year, Impala – known as Implats – said it isn’t anticipating much improvement this year.