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Kumba Iron Ore projects up to 135% increase in FY'16 HEPS

Kumba Iron Ore Ltd. said Jan. 25 that it is expecting full-year 2016 headline earnings per share of between 26.36 and 27.72 South African rand, which is an increase of between 123% and 135% compared to the previous year, on headline earnings of between 8.45 billion and 8.89 billion rand.

The company added that it expects basic earnings per share of between 26.04 and 27.38 rand, on basic earnings of between 8.35 billion and 8.78 billion rand.

Reported full-year 2015 HEPS and EPS were 11.82 rand and 1.46 rand, respectively, on headline earnings and basic earnings of 3.79 billion rand and 469 million rand.

The projected increase in earnings is largely attributed to the increase in export iron ore prices and the 2015 impairment charge of 5.98 billion rand on the Sishen iron ore mine in South Africa.

The forecast of the Anglo American Plc unit, which has been put up for sale, is well above the 22.32 rand estimate for headline earnings per share in a poll of analysts by Reuters. As a result, Kumba's stock increased by 7.18% to 187.57 rand, its highest in five weeks.

The company will release its full-year 2016 results on Feb. 14.