JOHANNESBURG (Reuters) – South African miner Kumba Iron Ore said Thursday it expects half-year earnings to rise by at least 150%, aided by higher export iron ore prices and a stronger rand-dollar exchange rate.
Headline earnings per share (HEPS) – the main earnings metric in South Africa – is projected to be at least R65.48 per share for the six months ended June 30, an increase of R39.29 or 150% from R26. 19 rand per share corresponds to the proportion recorded in the same period last year.
The company did not include a range on its trade balance sheet for expected profit growth over the period.
Kumba is expected to release its half-year results on July 27th.
($ 1 = 14.2148 rand)
Reporting by Akhona Matshoba; Editing by Tanisha Heiberg and Edmund Blair