Platinum miner Aquarius has announced a sharp fall in net profit for the year to June 30th, resulting in a slip in its shares.

Net profit fell by over $7 million compared to the previous 12 months, to $21 million, on a 14 per cent rise in revenue to $222million.

However, the South African firm revealed that excluding asset sales, profit was static over the course of the year, while earnings accelerated during the second half of the 12 month period.

Aquarius stated that last year's profits appeared inflated, due to a $10.9 million asset sale.

And according to chief executive Stuart Murray, production, costs and profits all show significant scope to improve in the future, leading him to suggest that the company is beginning to demonstrate the first signs of its strategy to deliver growth.

The news comes following the announcement last month of Aquarius's second pool and share agreement with Angloplat, at its Marikana mine, in north-west South Africa.


Ÿ DeHavilland Information Services plc