Harmony Profit Falls After Making Lawsuit Provision

By Alexandra WexlerFeaturesDow Jones Newswires

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.

Write to Alexandra Wexler at alexandra.wexler@wsj.com

(END) Dow Jones Newswires

August 17, 2017 02:54 ET (06:54 GMT)