JOHANNESBERG (Bloomberg) ? Aquarius Platinum Ltd., which digs for platinum in South Africa and Zimbabwe, said fiscal first-half profit rose more than fourfold as production surged to a record and it sold the metal for higher prices.

Net income for the six months ended on December 31 was $25.9 million, or 31.5 cents a share, compared with $6 million, or 7.32 cents, a year earlier, the Hamilton, Bermuda-based company said in a statement today. The company produced a record 198,426 ounces of platinum, palladium and other metals in the first half, 36 percent more than a year ago.

?The outlook for the remainder of the year is positive,? Stuart Murray, the company?s chief executive, said in the statement.

Aquarius is trying to reduce costs as the rand?s gain against the dollar cuts margins. Metal is sold for dollars while most costs are met in local currency. Aquarius is increasing output at all its existing mines as platinum prices trade near a record in London.

Shares of Aquarius fell 9.5 pence, or 1.5 percent, to 625 pence in London. They have more than doubled in the past 12 months, valuing the company at 518 million pounds ($905 million).

Production at the company?s Kroondal mine, located in South Africa?s Bushveld mining region, rose 67 percent to 116,269 ounces as a new plant processed more material.

Aquarius? new Everest mine, which shipped its first concentrate in November, produced 7,111 ounces in December, the company said today. The mine is forecast to produce 225,000 ounces annually.

The company sold metal for an average price of $872 an ounce, almost 34 percent higher than the year before.

Platinum reached a record $1,085.50 an ounce in London on Feb. 3.

The metal used in jewellery and car catalysts has gained 20 percent in the past 12 months, buoyed by investors seeking higher returns than in stock and bond markets.