Cape Town - Harmony Gold Mining Company said on Monday it expected an increase of up to 255 percent in headline earnings per share (HEPS) for the six months to the end of December.
The miner, with operations in South Africa and Papua New Guinea, pointed to an increase in the average gold spot price, the recognition of a gain on the Hidden Valley acquisition, as well as gains on gold and currency hedges.
It said HEPS was expected to come in at between 139 and 160 cents per share, which is 235-255 percent higher than the headline loss of 103 cents per share reported for the previous comparable period.
Read also: Harmony Gold acquires Hidden Valley
In US dollar terms, HEPS is expected to be between 10 and 11 US cents per share, which is 230-255 percent higher than the headline loss of 8 US cents per share reported a year before.
"We achieved all we set out to in the six months from 1 July 2016 to 31 December 2016. We improved our safety performance and increased production. Safe mines are profitable mines, and profitable mines strengthen our margins," said Harmony CEO Peter Steenkamp.
The full results for the half year are expected on February 2.