New Zimbabwe.com

Zimplats revenues down 26 percent

PLATINUM producer Zimplats has recorded a 26% drop in revenue to $125.8 million for the three months to June, the company said in its quarterly report.
In the report, management said lacklustre sales volumes combined with decreased metal prices had pulled down the firm’s revenue during the period.
“Although ore mined at 1.26m tonnes was ahead of the previous quarter, revenue and profitability had been affected by depressed metal prices,” said the company.
The average platinum prices in the period were at $1 417, a 10% drop on $1 634 in the March quarter.
However, mining production in the three months to June improved by 2% over the March quarter and 5% over the same period last year.
Meanwhile, Zimplats paid $30m to the government in direct and indirect taxes, 6% lower than the previous quarter due to a reduction in corporate tax payments arising from lower metal prices.
The group also said discussions on its indigenisation plan were on-going.Advertisement