Aquarius Platinum Limited (AQP.L) Wednesday released the financial results for the full year ended 30 June 2012, reporting wider net loss for the year on sharp decline in Total revenues.
The company reported net loss for the full year ended 30 June 2012 of $158.29 million, wider than a net loss of $10.39 million reported for the year ended 30 June 2011.
Loss per basic share for the year widened to 33.77 US cents from loss of 2.25 US Cents per share for the previous year.
Total Revenue for the full year declined to $485.74 million from $682.86 million reported for the previous year, negatively impacted by lower production and lower PGM basket price.
Commenting on the results, Stuart Murray, CEO of Aquarius Platinum said: "The last financial year has been an exceptionally challenging one for the Company and indeed for many players in the SA PGM industry. Company specific operational performance issues, a significant drop in the Rand price basket especially since February coupled with rising input costs in SA and Zimbabwe, poor labour relations at the primary mining contractor in SA, and unreasoned
safety stoppages all combined to deliver an unfortunate operational and financial outcome for Aquarius……"
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by RTT Staff Writer
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