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Exxaro tumbles after profit warning

Economy

Johannesburg - Shares in Exxaro Resources fall nearly 4 percent in a late afternoon trade after the coal producer warns full-year profit likely fell more than 20 percent.

Its stock is trading 3.7 percent lower at 150.35 rand.

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031110 A new study has found that SA coal reserves have been significantly downsized since 2003.photo by Simphiwe Mbokazi 453

The company says 2013 results were affected by an artificially high base on 2012 performance caused by once-off profit from the sale of assets. - Reuters

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