Profit warning harms Kumba shares

Kumba Open Cast Iron Ore Mine, Sishen, Northern Cape. Picture: Cara Viereckl.

Kumba Open Cast Iron Ore Mine, Sishen, Northern Cape. Picture: Cara Viereckl.

Published Jul 6, 2012

Share

Kumba Iron Ore's shares fell on Friday after it warned of lower interim profits because of reduced export prices.

Kumba said its headline and basic earnings for the six months to end-June would be between R7.1bn and R7.5bn‚ and on a per share basis this translated to between R22.10 and R23.40.

This compares to headline earnings of R9‚06bn for the same period a year earlier and basic earnings of R9.052bn. Headline and earnings per share were R28.23 and R28.20 respectively.

“The decrease in earnings is largely attributable to a decrease in export iron ore prices in the period‚” Kumba said.

Its shares fell 2% to R567.14 each.

-I-Net Bridge‚ Tel: +27-11-280-5143‚ [email protected]

Related Topics: