JOHANNESBURG (miningweekly.com) – Kumba Iron Ore expects its headline earnings for the year ended December 31 to drop from R15.4-billion in the prior year to between R10.6-billion and R11.4-billion, while basic earnings are expected to narrow from R15.4-billion to between R10.2-billion and R11.02-billion over the same period.
This will drive a decrease in headline earnings a share of between 26% and 31% to between R33.10 and R35.60, with basic earnings a share expected to be between R31.90 and R34.40 – up to 34% lower than in the prior year.
Kumba said in a trading update on Friday that a decrease in earnings was largely attributable to a significant decrease in export iron-ore prices, partially offset by a weaker exchange rate during the period.
Kumba would release its results on February 10.