Johannesburg - Diversified miner Exxaro Resources [JSE:EXX]
said on Friday it expects full-year earnings to drop by as much as 41%, worse
than market expectations and sending its shares to a three-week low.
The company said it sees headline earnings per share, which
exclude one-time items, to come in at between 1,261 and 1,443 cents a share, or
31% to 41% lower than the 2,098 cents achieved in the previous year.
A Reuters SmartEstimate had forecast a 28% drop in full-year
Exxaro said the drop in revenue resulting from the sale of
its mineral sands and Rosh Pinah operations in mid-2012 led to the decline in
Exxaro shares were 2.2% lower at R170.19 at 12:08GMT,
compared to a 0.06% drop by Johannesburg's blue-chip index.
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