February 8, 2016 / 7:04 AM / 4 years ago

South Africa's Anglo Platinum says FY profit drops 86 pct

Trucks leave an Anglo American Platinum (AMPLATS) processing plant near Rustenburg in this October 12, 2012 file photo. REUTERS/Mike Hutchings/Files

JOHANNESBURG (Reuters) - South Africa’s Anglo American Platinum Ltd (Amplats) reported an 86 percent drop in full-year profit on Monday, hit by write-downs and restructuring costs amid plunging commodity prices.

Amplats said diluted headline earnings per share, the main gauge of profit that strips off certain one-off items, totalled 41 cents in the year to the end of December compared with 300 cents a year earlier.

Amplats, a division of Anglo American Plc is undergoing a cost-cutting programme to deal with plunging prices and low demand for precious metal and the effects of a crippling five-month strike in 2014.

($1 = 15.9786 rand)

Reporting by Thekiso Anthony Lefifi; Editing by Stephen Coates

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