Impala Platinum Thursday reported a 17% decline in full-year profit as platinum group metal (PGM) prices came off record highs and costs surged, sending its shares 7% lower.

Impala’s headline earnings per share (HEPS) – the profit measure most commonly used in South Africa – came in at R38.53 in the 12 months ended June 30, down from R46.35 last year.

Its shares were down 7.29% at 1050 GMT.

Impala’s refined production fell 6% to 3.09 million platinum group metal (PGM) ounces during the year as safety stoppages and extended maintenance at its Rustenburg operations in South Africa impacted output.

Costs rose 17% due to inflationary pressures from energy, consumables and the impact of lower mined and refined output, Impala said.

The company declared a final dividend of R10.50 per share, bringing total pay-outs to R15.75 per share for the year.