8th Feb 2016 07:39
LONDON (Alliance News) - Anglo American PLC on Monday said its platinum arm will contribute more to its earnings in 2015 than it did a year earlier, but only because a previously booked impairment was reversed, as the unit reported a steep drop in headline earnings in the year.
South Africa-based Anglo American Platinum Ltd reported a drop in headline earnings to USD38.0 million in 2015 from USD70.0 million in 2014, but the miner said it made a gain of USD119.0 million from the reversal of impairments on loans made to other companies.
Overall, the FTSE 100-listed miner said Anglo American Platinum will contribute around USD168.0 million to its underlying earnings in 2015, compared to only USD25.0 million in 2014. Underlying earnings excludes certain items and is used to measure the underlying performance of the business.
By Joshua Warner; [email protected]; @JoshAlliance
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