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Johannesburg - Gold Fields [JSE:GFI], the world's fourth largest gold producer, reported a 15% rise in quarterly profit that was just short of expectations, as the market expected a better return from the surge in bullion.
Analysts had expected strong results from Gold Field, as the average gold price was up about 9% to $1 509 an ounce during the quarter, and the miner said output would rise in the April-June period.
It stuck to its full year target of 3.5m to 3.7m ounces, but analysts have said it will need to ramp up production considerably to meet that, given safety-related stoppages and a strike in the global miner's home base of South Africa that may have cost it close to 45 000 ounces.
Adjusted earnings per share totalled 184c in April-June, versus a Reuters estimate of 189c, and up 15% from the 160c it posted in the previous quarter.
As expected, its ouput in the April to June was up five percent to around 872 000 ounces.
South African gold companies typically post higher output in this period as the first three months of the year are impacted by a slow restart following the Christmas holidays.
Shares of Gold Fields are down nearly 7% so far this year, outperforming an 11% drop in Johannesburg's Top-40 index.
Analysts had expected strong results from Gold Field, as the average gold price was up about 9% to $1 509 an ounce during the quarter, and the miner said output would rise in the April-June period.
It stuck to its full year target of 3.5m to 3.7m ounces, but analysts have said it will need to ramp up production considerably to meet that, given safety-related stoppages and a strike in the global miner's home base of South Africa that may have cost it close to 45 000 ounces.
Adjusted earnings per share totalled 184c in April-June, versus a Reuters estimate of 189c, and up 15% from the 160c it posted in the previous quarter.
As expected, its ouput in the April to June was up five percent to around 872 000 ounces.
South African gold companies typically post higher output in this period as the first three months of the year are impacted by a slow restart following the Christmas holidays.
Shares of Gold Fields are down nearly 7% so far this year, outperforming an 11% drop in Johannesburg's Top-40 index.
