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Kumba expects higher FY earnings

2nd December 2016

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – JSE-listed Kumba Iron Ore expects an 20%-plus increase in earnings for the year to end December 31, owing to an increase in export iron-ore prices during the year and the weaker average rand:dollar exchange rate.

The group, which will release its financial results on February 14, expects headline earnings for the year under review to be some R758-million higher than the R3.79-billion achieved in the prior year.

The basic earnings of the 2016 financial year are also expected to surpass the R469-million in 2015 by a minimum of R94-million.

This translates into a R2.36 and a 30c increase in headline earnings a share and basic earnings a share respectively, which were reported at a respective R11.82 and R1.46 apiece the year before.

Edited by Creamer Media Reporter

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