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Kumba expects 20% drop in H1 earnings

8th May 2015

  

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JOHANNESBURG (miningweekly.com) –JSE-listed Kumba Iron Ore expects to report a R1.3-billion, or 20%, year-on-year decrease in headline and basic earnings for the six months to June 30.

Kumba had reported headline earnings and basic earnings of R6.5-billion and R6.51-billion respectively, and headline earnings per share (HEPS) and earnings per share (EPS) of R20.28 and R20.30 respectively, for the six months to June 2014.

The iron-ore miner attributed the decrease in earnings primarily to the significant decrease in export iron-ore prices during the period.

HEPS and EPS for the first half of this year were also likely to be at least R4.06 lower than those of the comparative period.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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