Publications
Partners
Johannesburg - Kumba Iron Ore [JSE:KIO], a unit of global miner Anglo American [JSE:AGL], on Thursday reported a rise in first-half earnings, boosted by higher export prices and said it sees slight downward pressure on prices in the final quarter of 2011.
Kumba said first-half basic headline earnings per share, the main profit gauge in South Africa which strips out certain one-time items, rose to R28.23 from R20.28 the previous year.
Kumba, Africa's largest iron ore producer and 10th globally, however said output of the steel-making ingredient fell to 19.15 million tonnes from 21.9 million the previous year.
"Management has implemented focused plans to recover the majority of the shortfall in first half production by the end of 2011," it said.
Total sales in the six months stood at 22 million tonnes, roughly in line with the comparison period.
The company also said export sales for this year are expected to remain stable compared with 2010 levels.
It added that it expects modest downward pressure on iron ore prices in the final quarter of 2011 on the back of seasonally lower crude steel production during the second half of the year.
Kumba said Vincent Uren, its chief financial officer, would step down as from the end of December, but will continue in an advisory capacity.
Kumba shares have gained nearly 24% so far this year, compared with a 0.2% rise in the Johannesburg Top 40 - (Tradeable) [JSE:J200] index.
Kumba said first-half basic headline earnings per share, the main profit gauge in South Africa which strips out certain one-time items, rose to R28.23 from R20.28 the previous year.
Kumba, Africa's largest iron ore producer and 10th globally, however said output of the steel-making ingredient fell to 19.15 million tonnes from 21.9 million the previous year.
"Management has implemented focused plans to recover the majority of the shortfall in first half production by the end of 2011," it said.
Total sales in the six months stood at 22 million tonnes, roughly in line with the comparison period.
The company also said export sales for this year are expected to remain stable compared with 2010 levels.
It added that it expects modest downward pressure on iron ore prices in the final quarter of 2011 on the back of seasonally lower crude steel production during the second half of the year.
Kumba said Vincent Uren, its chief financial officer, would step down as from the end of December, but will continue in an advisory capacity.
Kumba shares have gained nearly 24% so far this year, compared with a 0.2% rise in the Johannesburg Top 40 - (Tradeable) [JSE:J200] index.
