Harmony Gold nets R2.6bn profit

2012-10-29 10:09

Johannesburg - Harmony Gold reported a R60m increase in net profit to R2.6bn in its annual financial statement on Monday.

This resulted in an increase of 14 cents in the total earnings per share and diluted earnings per share of 614 cents for the financial year ended June 30, Harmony said in the statement, which is contained in its integrated annual report.

Net profit from continuing operations also increased by R60m to R2.05bn.

Total comprehensive income for the year increased by R60m to R4.23bn. As a result, retained earnings increased from R3.24bn to R3.3bn.

Income and mining taxes receivable decreased from R211m to R118m, while deferred tax liabilities decreased from R3.26bn to R3.1bn.

The integrated annual report provided a detailed account of the environmental, social and governance aspects of the company's business.

It also contained a change relating to taxation following the handing down of a Supreme Court of Appeal judgment in the matter of the mining ringfencing application by the SA Revenue Service (Sars) on October 1.

The judgment, which was in favour of Sars, was an adjusting post-balance sheet event and the effects were included in the 2012 financial year.

Harmony said the results would be presented at its annual general meeting on November 28.

  • arthur.salvado - 2012-10-29 10:55

    Maybe now a 3c wage increase is possible ?

  • marcel.pyoos - 2012-10-29 11:36

    Their net profit is larger than some big IT companies annual turnover - Ouch...lot's of fat there!!!

  • rat.thinker - 2012-10-29 12:18

    Now here are some interesting numbers from the AFS: Lost Time Injury Frequency Rate: Papua New Guinea 0.45, South Africa 7.29. SA has 16+ times the injury stoppages that PNG has. The profit of R2.6bn may sound like a lot, but it was earned by deploying around R45.8bn in assets - a return of 5.7%. Your bank will likely offer you better interest than that on a long term deposit and you have no risk of the bankers striking and destroying your assets. The unions and labour that want bigger pay must realise that they are competing against all other forms of investment!

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