https://www.miningweekly.com

R&E posts half-year profit as PwC claim settled

R&E posts half-year profit as PwC claim settled

Photo by Duane Daws

19th August 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Exploration and mining investment company Randgold & Exploration (R&E) on Tuesday reported headline earnings of R152.27-million for the six-months ended June 30, with the majority of the income having been derived from the settlement of a legal claim against the company's former auditors PwC.

The R150-million settlement received in June related to the group's claims against the auditing firm for damages arising from PwC's audit of the group between 1999 and 2003.

In addition to the settlement amount, the group’s income for the period comprised recoveries of R8.9-million and interest received of R7.3-million, with the earnings having offset operating expenses of R14.2-million.

At June 30, R&E held R353-million in cash and cash equivalents. After paying dividends of R161-million on July 28, the company's cash position was R191-million.

“The company will continue to take a commercial and pragmatic approach towards legal claims against third parties and their relative legal costs, focus on containing the operational costs where possible and on maintaining liquidity,” R&E said, commenting on its future outlook.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ZF Aftermarket
ZF Aftermarket

ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.

VISIT SHOWROOM 
ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.053 0.831s - 111pq - 2rq
Subscribe Now