JOHANNESBURG – Exxaro Resources said on Thursday half-year profit rose 8%, boosted by a strong performance in its core coal business.
Diluted headline earnings per share (HEPS) for continuing and discontinued operations rose to 953 cents per share for the six-month period ended June 30 2018, from 882 cents in the same period last year.
HEPS is the main profit gauge in South Africa, which strips out certain one-off items.
The miner said in April it planned to dispose of its remaining stake in US titanium products company Tronox , valued at around $476-million to fund capital commitments, repay debt and to distribute capital to shareholders.
Exxaro said net operating profit at its coal segment rose 12% to R3.39-billion ($234.85-million), which boosted group net operating profit to R3.1-billion, a gain of 7% compared to the previous period.
The firm said it expects the outlook for its coal business to remain stable for the second half of the year on the back of strong international coal prices and favourable trading conditions in its domestic market.
Exxaro issued an interim dividend of 530 cents per share compared with 300 cents per share during the previous period.