Newmont beats quarterly profit estimates on higher gold production
The world's biggest gold miner benefited from robust production and easing costs.
South Africa’s Harmony Gold Mining said on Thursday it expects to report a loss for the full year as a 1.7 billion rand ($102 million) derivative loss hits profits though revenue increased on a higher gold price.
The gold miner expects headline loss per share (HEPS) for the year ended June 30, to be between 139 and 169 cents, compared to earnings of 204 cents per share reported in the year-ago period.
HEPS is the main profit measure used in South Africa which strips out certain one-off items.
Harmony said it recorded derivative losses of close to 1.7 billion rand compared to gains of 484 million rand a year ago, driven by a weaker South African rand-U.S. dollar exchange rate and the strengthening of commodity prices during the year.
The company said it had also recorded a loss of about 919 million rand on its dollar-denominated debt compared to a loss of 78 million rand a year earlier.
A surge in the gold price, however, contributed to an increase in revenue to 29.2 billion rand from 26.9 billion rand.
Harmony is expected to publish its financial results on Sept. 15.
($1 = 16.7161 rand)
(By Shanima A and Tanisha Heiberg; Editing by Ramakrishnan M. and Emelia Sithole-Matarise)
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