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Harmony Gold Q1 earnings rise

Publication: Reuters

Johannesburg – Harmony Gold, South Africa’s third largest bullion producer, reported a dramatic turnaround in first–quarter earnings on Wednesday as it cashed in on rand gold prices hovering at quarterly highs.

Headline earnings were 123 cents per share for the three months from July to September from a headline loss of 15 cents a share in the previous quarter, which beat the average estimate of 107.7 cents in a Reuters poll of six analysts.

Headline earnings per share, the main measure of profit in South Africa, excludes certain one–time items.

The average gold price in the September quarter rose 3 percent to $1,652 per ounce. And weakness in the South African currency meant in rand terms the average price during the July–September quarter was up 4 percent to 438,000 rand per kilogram.

Production was 8 percent up at 321,924 ounces but output is likely to fall in the December quarter after it lost about 25,000 ounces of production due to an illegal strike at its Kusasalethu operations near Carletonville in October.

Despite getting more than 90 percent of its output from South Africa, Harmony managed to escape relatively unscathed from violent wildcat strikes that have crippled operations at South African gold and platinum producers in recent months.

The strikes over wages and discontent with the industry’s largest trade union have led to the violent deaths of more than 50 people, 34 at the hands of police.

Annual report

Integrated annual report 2016
Integrated annual report 2017


Investor brief

Harmony Investor brief, Sep 2017
September 2017 -
Harmony Investor brief

(PDF - 6.5MB)

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