September 13, 2017 / 1:11 PM / 11 days ago

Zimplats FY profit rises despite lower platinum output

A worker shows matte at Zimplats' Ngwarati Mine in Mhondoro-Ngezi May 30, 2014. REUTERS/Philimon Bulawayo

HARARE (Reuters) - Zimbabwe’s Zimplats, which is majority controlled by Impala Platinum, posted a sharp increase in full-year profit as higher platinum prices and recouped Treasury bills offset lower production, the company said on Wednesday.

Zimplats reported profit before tax of $101 million in 2017, up from $29.3 million in 2016. Platinum output slid to 281,080 ounces from 290,410 ounces last year, the company said.

Reporting by Macdonald Dzirutwe; Writing by Joe Brock; Editing by James Macharia

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