re: aquarius platinum net profit $us6m; interim di
p/s i do not hold
(AEAQP) Aquarius Platinum net profit $US6m; interim div US3c RWE News 21:02:020 8/02/2005 Sydney - Tuesday - February 8: (RWE Australian Business News) - Aquarius Platinum Ltd net profit fell 58 per cent to $US6.002 million in the six months to December 31 from $US14.48 million for the first half of last year. Directors said comparisons with the previous corresponding period were not appropriate due to the impact of the Pooling & Sharing Agreement (P&SA) entered into with AngloPlatinum on November 1 2003. The P&SA, which provides for the sharing of production and profits of the Kroondal operation, is set to commission a new concentrator from March 2005. Revenues improved 1 per cent to $98.76 million from $97.52 million. Basic earnings per share were US7.25c, down from US17.89c. Interim dividend is a steady US3c, unfranked, payable on March 23 to shareholders registered March 2.
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The directors said the group's operating mines (with the exception of Marikana which operated at a loss) performed well during the period under difficult economic conditions which saw the rand strengthen further against the US dollar. The Mimosa result was affected by an exchange rate mechanism introduced by the Reserve Bank of Zimbabwe that did not reflect the hyper-inflationary conditions in the country. This caused operating costs to be affected adversely. CEO Mr Stuart Murray said, "The first six months of the financial year are characterised by the success of the Kroondal operation, ongoing achievement at Mimosa and a disappointing performance at Marikana. "Kroondal has lifted to a new level and the P&SA is poised to deliver three months early. "Mimosa has become a proven performer despite the economic challenges faced by its management in Zimbabwe. "The uncertainty created by the foreign currency initiatives in Zimbabwe did damage sentiment towards the company but mine management continues to engage the Zimbabwean authorities and I am sure a satisfactory outcome will prevail in respect of foreign currency management." Aquarius Platinum closed down 23c to $5.61 today, ahead of the results. ENDS !END
AQP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
