Profit tumbled at South African miner Harmony Gold Mining Co. (HAR.JO) during the year that ended June 30, the company said Thursday, citing impairments at some of its mines and a provision raised for a possible lawsuit settlement.
Harmony reported a net profit of 362 million South African rand ($27.3 million) for the 12 months to June 30, down 62% from 2016. The profit was in line with previously announced guidance, following a life-of-mine replanning as well as a ZAR917 million provision for the possible settlement of silicosis class action suit brought against a group of South African mining companies. Revenue climbed 5.1% to ZAR19.26 billion from a year earlier.
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For the 12 months ended June 30, Harmony reported headline earnings per share, which strip out certain exceptional and one-off items, of ZAR2.98, up 35% from a year earlier. The company, which operates in South Africa and Papua New Guinea, declared a ZAR35-cent dividend for 2017, up 70% from the previous year.
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(END) Dow Jones Newswires
August 17, 2017 02:54 ET (06:54 GMT)