South African miner reports profits after cost savings ahead of target

LONDON, May 16 (Reuters) - South Africa-focused platinum producer Lonmin (LSE: LMI.L - news) said on Monday its first-half core profit was $36 million, up from a loss of $6 million the same time a year ago following cost savings.

Cost savings were well ahead of schedule as 469 million South African rand ($30.26 million) was saved in the first half of the year, 60 percent of the full-year target.

Losses per share were 1.8 cents, an improvement of 162.8 cents on the loss of 164.6 cents in the first half last year. ($1 = 15.5008 rand) (Reporting by Barbara Lewis; editing by Adrian Croft)