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Harmony Gold Posts First-Quarter Profit on Output, Asset Sale


Publication: Bloomberg
Journalist: Carli Lourens

(Bloomberg) - Harmony Gold Mining Co., Africa's third-biggest miner of the metal, posted a profit in its fiscal first quarter after production increased and it sold assets in Papua New Guinea.

Net income rose to 490 million rand ($40.3 million) in the three months ended Sept. 30 from a loss of 144 million rand in the preceding quarter, Johannesburg-based Harmony said today in a statement to the Stock Exchange News Service. South African analysts review sequential quarters.

Chief Executive Officer Graham Briggs has cut jobs and shut the company's costliest operations to counter gains in costs including labor and power in South Africa, where the consumer inflation rate rose to a record 13.6 percent in August. The company posted a 523 million-rand profit on the sale of a stake in its Papua New Guinea operations to Newcrest Mining Ltd.

Harmony has gained 9.7 percent so far this year in Johannesburg trading, the best performer of the seven-member FTSE/JSE Africa Gold Mining Index, which has dropped 27 percent. AngloGold Ashanti Ltd., Africa's biggest producer of the metal, has declined 34 percent.

Gold averaged $870 an ounce in the quarter, 3 percent less than the preceding three months.

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