Pan African expects ‘considerable improvements’ in full-year earnings
Midtier gold producer Pan African Resources expects its headline earnings per share (HEPS) for the financial year ended June 30 to be between $0.0376 and $0.041.
That represents an increase of 64% to 79% on the HEPS of $0.029 reported for the previous corresponding period.
Earnings per share (EPS), on the other hand, are expected to increase by between 63% and 78% year-on-year to between $0.0376 and $0.041 a share.
These “considerable improvements” in HEPS and EPS are primarily owing to gold and other revenue having increased by 34.8% to $368.9-million, predominantly owing to an increase in gold sold of 12.4% to 201 777 oz and the average dollar gold price received increasing by 15.7% to $1 821/oz.
This was, however, offset by a 281% increase in the taxation charge for the period to $30.1-million as a result of an increase in taxation payable and the deferred taxation rate, owing to an increase in projected taxable income, which Pan African says is based on the expected future profitability, production and capital expenditure.
The group’s results will be released on September 15.
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