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Sylvania Platinum reports net proft and production levels in line with expectation
StockMarketWire.com
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Sylvania Platinum has reported a net profit of $41.3 million (£29.76 million) for the quarter ended 31 March 2021.
Company CEO, Jaco Prinsloo said: "I am pleased with the reported PGM production of 17,420 ounces for Q3 which is historically a lower production quarter for the Group during Sylvania's financial year. This performance is in line with management projections and the Group remains on track to produce approximately 70,000 ounces for the current financial year."
Production rates were 5% lower than the previous quarter.
Pinsloo added: "The Group has benefited from a strong PGM basket price, boosted by the high rhodium price as well as the recent performance of both iridium and ruthenium which contributed to the record profits for the quarter.
"The increase in the dollar cash operating cost per ounce is largely due to the lower ounce production and fluctuation in the ZAR/USD exchange rate."
He added: "Whilst COVID-19 remains challenging, I am proud of our management's and employees' continued efforts to sustain and enhance the various measures to ensure both the health and safety of all employees and to limit the impact on production."
The Company paid a Windfall Dividend of $14.3 million on 9 April 2021.
At 2:26pm: (LON:SLP) Sylvania Platinum Ltd share price was 0p at 70p
Story provided by StockMarketWire.com
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