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Harmony raises basic quarter earnings
Posted Mon, 27 Oct 2003
The world's fifth largest gold miner Harmony on Monday reported basic earnings per share, excluding the mark-to-market of financial instruments and impairment charges, of 44 cents in the September quarter from 19 cents in the June quarter.
However, the company showed a loss per share, including the mark-to-market of financial instruments and impairment charges, of 24 cents but better than a 134-cent loss in the June quarter.
Harmony also reported a headline loss per share of 28 cents for the quarter from a 92-cent profit previously.
During the September quarter, the group produced 969 179 ounces of gold, up from 963 200 oz in the June quarter.
Revenue for the September quarter was R2.604-billion from R2.531-billion in the June quarter.
Cash costs increased to R75 319 per kilogram from R73 480/kg in the previous three-month period while US dollar cash costs rose to $316/oz from $296/oz.
Revenue per gold unit was R86 364/kg during quarter up from R84 507/kg.
During the latest quarter, Harmony and ARMgold completed their merger on September 22.
The merged company reported increased cash operating profits of R332.9-million from R330.4-million.
"This was achieved through a combination of a one percent increase in production as well as good management of working costs following the granting of annual labour increases, in excess of 10 percent, in July," Harmony said in a statement.
On an operational level the merger has progressed well with the integration of the various activities of the underlying companies.
Within the next three months, it is expected that merger savings of about R10-million per month will to be achieved.
Harmony has reached an agreement with its labour unions on the introduction of continuous operations at its Free Gold operations but the benefits of this are only expected to contribute to the performance of the company in six to nine months time.
As a result of the increase in the US dollar price of gold, the negative mark to market value of the hedge book increased by R166-million quarter on quarter.
The hedge book was inherited by Harmony through the acquisition of New Hampton and Hill 50 in Australia.
Post quarter end, Harmony sold its 31.7 percent stake in London-listed Highland Gold for $119-million from an initial investment of $26.6-million.
The company also sold its 16 percent stake in High River Gold for $22.4-million from $14.5-million.
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