SOUTHERNERA (t.SUF) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : SOUTHERNERA (t.SUF)

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: russet who wrote (6804)	1/30/2002 11:45:45 AM
From: PHILLIP FLOTOW	Read Replies (1) of 7235

The way the winds blowing...: S Africa's Angloplats Sees 01 Earnings At ZAR8.0B JOHANNESBURG (Dow Jones)--South Africa's Anglo American Platinum Corp. (O.AAP), the world's largest producer of platinum, said Wednesday that it expects its 2001 earnings to come around 8 billion rand ($1=ZAR11.4650), above market expectations. "Anglo Platinum wishes to announce that it estimates headline earnings for the year ended Dec. 31 2001 to be ZAR8 billion, or $930 million, as a result of the significant weakening of the rand over the 2001 financial year and in particular during December 2001," the company said in a statement. The rand depreciated by around 40% against the dollar in 2001, falling to an all-time low at ZAR13.8500 on Dec. 21. Angloplats sells its products in dollars while its costs are in local currency terms. It said its headline earnings are increased if, during the course of the year, the exchange rate weakens before dollar revenues are converted to rands. In addition, headline earnings have also been affected by the increase in the rand value of dollar-based assets valued at year-end closing exchange rates. The Company will release its 2001 results Feb. 19. -By Adam Aljewicz, adam.aljewicz@dowjones.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next