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.