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Harmony Gold to swing to profit in fiscal H1'17


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Harmony Gold to swing to profit in fiscal H1'17

Harmony Gold Mining Co. Ltd. on Jan. 30 said it expects EPS for the six months that ended Dec. 31, 2016, to be between 3.41 South African rand and 3.61 rand, surging from the year-ago loss per share of 1.02 rand.

The company attributed the swing mainly to an increase in the average gold spot price received, the recognition of a gain on the acquisition of the Hidden Valley gold mine in Papua New Guinea, and the gains recognized on the gold and currency hedges.

Headline EPS for the half is expected to jump year over year to between 1.39 rand and 1.60 rand, from a headline loss per share of 1.03 rand.

The company is scheduled to release results for the first half of its fiscal 2017 on Feb. 2.

Earlier this month, Harmony Gold said it expects to report roughly an 8% increase in gold production for the half of its fiscal 2017, compared to 513,576 ounces produced in the previous six months.