StockMarketWire.com - Platinum group metals producer Sylvania Platinum reported a fall in fourth-quarter profit owing to lower output and prices.

Net profit for the three months through June dropped to $14.7 million, down from $41.3 million in the third quarter, the company said.

Sylvania's dump operations delivered 16,289 ounces, down from 17,420 ounces in the third quarter, achieving an annual production of 70,043 ounces.

Sylvania Platinum said it encountered lower feed grades during the quarter, while costs rose.

Whilst production fell, it was in line with management projections and made a 'robust contribution' to full-year production, chief executive Jaco Prinsloo said.

'Whilst the record profits realised in the third quarter were boosted by the spike in the price of rhodium and its effect on our basket price, we have seen quite a pull-back in the rhodium price in recent months, which has inevitably impacted the group's revenue and profit for the fourth quarter,' he added.

'Noting that our full annual financial statements are due to be published in September, an annual dividend will be considered by the board at its August meeting.'


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