JSE-listed gold miner Harmony Gold expects to report a headline loss a share of between 139c and 169c apiece for the financial year ended June 30, compared with the headline earnings a share of 204c reported for the prior financial year.
In dollar terms, the headline loss a share is expected to be between $0.09 and $0.11 apiece, compared with headline earnings a share of $0.14 reported for the prior year.
Meanwhile, Harmony's loss a share is expected to narrow to between 148c and 180c, which is an improvement of at least 64% compared with the 498c loss a share reported for the prior financial year.
In dollar terms, the loss a share is expected to be between $0.09 and $0.12, compared with a loss of $0.35 apiece in the prior year.
Harmony attributed the narrowed loss a share to an increase in revenue, as a result of the higher gold price this year, lower depreciation and lower impairment of assets.
However, these were offset by a higher reported translation loss on the company’s dollar-denominated debt, of R919-million, and a R1.7-billion derivative loss recorded in the year under review, compared to a gain reported in the year ended June 30, 2019.
Harmony will publish its financial results on September 15.