UPDATE 2-Aquarius Platinum profit soars

Thu Feb 10, 2011 12:34pm GMT
 

* H1 net profit $94.3 million, vs $3.9 million year ago

* Buys prospecting rights, Bushveld for $109 million

* Confirms production full-year production targets

* Shares down 0.8 percent (Adds management, analyst comment, share price)

By Lorraine Turner

LONDON, Feb 10 (Reuters) - Aquarius Platinum (AQP.L: Quote), the world's fourth-largest primary platinum producer, said first-half net profit soared on the back of better-than-expected production results announced at the end of January.

Aquarius (AQP.AX: Quote)AQP.J posted a profit after tax of $94.3 million compared with $3.9 million in the same period last year. Revenue jumped 63 percent to $336 million.

"There is a significant improvement on this time a year ago on the back of an improved operating and sales performance," Chief Executive Stuart Murray said on a conference call.

"We've had a very gratifying return and improvement in the PGM and dollar prices. We have had some wild gyrations in the rand/dollar exchange rate... the whole process of weaker currencies has muted the effect of the strong dollar run-up," he added.   Continued...

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