Feb 11 (Reuters) – Impala Platinum  expects its half-year profit to fall by as much as 49% in the six months to December 2024 as low metal prices persist, the South African company said on Tuesday.

Impala, the world’s second-largest producer of platinum group metals that are used to curb emissions from motor vehicles, said it expects headline earnings to be between 1.65 billion rand and 1.95 billion rand ($89.39 million-$105.65 million) for the six months to December 31, down from 3.26 billion rand previously.

The miner said its income had been affected by lower dollar pricing for its metals as well as the strengthening rand exchange rate, which more than offset the benefit of improved production and sales volumes.

Impala’s refined output increased by 2% to 1.79 million ounces, while sales rose 5% to 1.77 million ounces in the six months.

Anglo American Platinum, Impala’s bigger rival, expects its profit for the 2024 financial year to drop by as much as 46% in response to low metal prices and costs associated with restructuring and a demerger from its parent company.

The company will release its half-year financial results on February 27.

($1 = 18.4578 rand)

(Reporting by Nelson Banya; editing by Barbara Lewis)