The world's second largest platinum miner Impala Platinum (Implats) has announced flat headline earnings for the six months to the end of December.

Analysts had been anticipating an increase in the region of 13 per cent but Implats said earnings per share had only risen by 0.4 per cent.

Furthermore, the miner cautioned that growth was unlikely to occur in the coming six months, which saw the groups share price tumble by 4.1 per cent at one stage to a low of R495.

While metal prices have increased, gains from this were offset by the strength of the rand, which lowered export revenues.

Chief executive Keith Rumble said: "Given a continuation in the current levels of the rand and the platinum price, headline earnings in the second half of the 2005 financial year could be similar to those in the first half of the year."

However, he added that production remained in line with expectations, with refined platinum production falling to 880,300 oz from 1.075 million oz.

Mr Rumble insisted that the outlook for the firm remains "positive in both the short and medium-term" with the group hopeful its production target of 2.3 million oz can be achieved.