29th Apr 2014 12:44
LONDON (Alliance News) - Aquarius Platinum Ltd Tuesday said it swung to a pretax loss in its third quarter as revenues fell on platinum prices, but its quarter-on-quarter comparisons were strong.
The platinum producer, which operates out of South Africa and Zimbabwe, said it swung to a pretax loss of USD573,000 for the three months ended March 31 from a pretax profit of USD257,000 the previous year.
The company said its revenues fell 40% to USD60.3 million from USD100.4 million the previous year as the weighted average price of platinum group metals fell 11% during the period to USD1,157 per ounce, but its quarter-by-quarter revenues increased 13% as platinum group metals prices became more positive.
The company said its attributable total production was down 2% to 80,152 platinum group metal ounces from 81,471 ounces the previous year as increases in production from its Kroondal and Mimosa mines were offset by a 91% fall in production from its Platinum Mile site.
Aquarius said the Platinum Mile site had been hit by the South African platinum miners strikes in the last twelve weeks but there had been no material impact on its overall operations. Its management continues to focus on building sound relations with its work force and organised labour representatives to maintain stability.
Aquarius Platinum shares were up 7.6% to 21.25 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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