Harmony Gold Warns on Fiscal 2017 Earnings

By Tapan Panchal Features Dow Jones Newswires

Harmony Gold Mining Co. Ltd. (HAR.JO) said Monday that fiscal 2017 net profit will be lower than the comparative year-ago period due to impairment charges and legal costs.

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The mining company said earnings per share for the year ended June 30 is expected to be between 5 U.S. cents and 8 cents, compared with 15 cents per share reported for fiscal 2016. However, excluding exceptional costs, fiscal 2017 earnings per share is expected to range between 20 and 23 cents, higher than adjusted earnings per share of 15 cents recorded a year ago.

Harmony expects to record an impairment charge of around $131 million in relation to its mining operations and a $70 million provision over potential settlement of a continuing litigation.

The South African company plans to release its fiscal 2017 results Aug. 17.

Write to Tapan Panchal at tapan.panchal@wsj.com

LONDON--Harmony Gold Mining Co. Ltd. (HAR.JO) said Monday that fiscal 2017 net profit will be lower than the year-ago period, due to impairment charges and legal costs.

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The mining company said earnings per share for the year ended June 30 is expected to be between 5 cents and 8 cents, compared with the 15 cents per share reported for fiscal 2016. However, excluding exceptional costs, fiscal 2017 earnings per share is expected to range between 20 cents and 23 cents, higher than the adjusted earnings per share of 15 cents recorded a year ago.

Harmony plans to record an impairment charge of around $131 million relating to its mining operations and a $70 million provision in connection with an ongoing litigation settlement.

The South African company plans to release its fiscal 2017 results on Aug. 17.

Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

August 14, 2017 11:36 ET (15:36 GMT)