JOHANNESBURG (miningweekly.com) – Harmony Gold’s share price rose by 9.6% on the JSE on Monday afternoon after it announced an expected increase of between 235% and 255% year-on-year in its headline earnings per share (HEPS) for the six months ended December 31.
Harmony attributed the higher HEPS to an increase in the average gold spot price, the recognition of a gain on the Hidden Valley acquisition and the gains recognised on gold and currency hedges.
This, the company noted on Monday, will translate to HEPS of between 139c and 160c.
Meanwhile, its earnings a share are expected to be between 434% and 454% higher year-on-year at between 341c and 361c. Harmony recorded a loss a share of 102c in the half-year ended December 31, 2015.
“We achieved all we set out to in the half-year. We improved our safety performance and increased production. Safe mines are profitable mines and profitable mines strengthen our margins,” said CEO Peter Steenkamp.
The company will publish its results on February 2.
Harmony’s shares rose as high as R35.01 a share on Monday, compared with Friday’s close of R31.94.