Harmony expects 100% rise in full-year earnings a share
JSE-listed Harmony Gold expects its earnings a share for the financial year ended June 30 to be about 100% higher year-on-year at between 850c and 990c.
This compares with a loss a share of 164c apiece reported for the prior financial year.
Harmony attributed the increase in earnings to the incorporation of the Mponeng operations, a higher translation gain on dollar-denominated debt and a higher gold price.
The increase in gold price received from $1 461/oz in the prior financial year to $1 719/oz in the year under review, along with a 23% increase in gold sold, contributed to R41-billion in revenue.
The increase in earnings was, however, partially offset by the recognition of an impairment loss on assets and an increase in the taxation expense.
A translation gain of about R878-million was recognised on the dollar-denominated debt as at June 30, compared with a translation loss of R967-million recorded in the previous comparable period. The translation gain is primarily the result of the strengthening of the rand against the dollar.
Additionally, included in the reporting year, were derivative gains of close to R1-billion, compared with losses of R1.7-billion in the prior financial year.
Harmony will publish its financial results on August 31.
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