Johannesburg - Exxaro Resources [JSE:EXX] reported a 2% gain in first-half profit because of an increased contribution from the South African miner’s coal business, as a further improvement is expected in the second half.
Headline earnings, which exclude one-time items, rose to R3.09 a share in the six months to June 30, from R3.03 in the same period a year earlier, the Pretoria-based company said in a statement on Thursday.
The group declared a dividend of 90 cents a share, an increase of 38% from last year.
The company expects an improvement in its coal business due to "stable trading conditions in domestic markets" and a gain in thermal-coal prices, while the mines it bought from Total Coal South Africa are included in production, Exxaro said.
Coal sales increased 9% to 22 million metric tonnes, according to the company. Export volumes rose 78% to 4 million tonnes.
Read Fin24's top stories trending on Twitter: Fin24’s top stories