Tuesday , 20 February 2018

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DRD Gold reports 100% drop in headline earnings

Gold+xxxGOLD producer DRD Gold said on Tuesday that headline earnings per share fell 100% to nil in the year ended June from 66c in the previous period.

Lower gold production and sales, together with a 6% decline in the average rand-gold price received to R432,775/kg, resulted in a 13% drop in revenue to R1.8bn for the year. After accounting for net operating costs — 11% higher at R1.5bn — operating profit was 62% lower at R260m.

The group said although the results reflected a weak full year, it was pleasing that production and revenue did increase in the fourth quarter. Gold production to end June was up 13% to 34,143oz compared with the previous quarter, reflecting improvements both in throughput and average yield.

Gold production for the year was down 9% to 132,909oz.

Gold sold was 9% higher at 32,857oz, a consequence of higher gold production. Cash operating costs were 8% lower at R379,039/kg, due also to the increase in gold production.

DRD Gold announced it had entered into a R220m agreement for the disposal of the underground mining and prospecting rights at East Ran

DRD Gold reports 100% drop in headline earnings Reviewed by on . GOLD producer DRD Gold said on Tuesday that headline earnings per share fell 100% to nil in the year ended June from 66c in the previous period. Lower gold prod GOLD producer DRD Gold said on Tuesday that headline earnings per share fell 100% to nil in the year ended June from 66c in the previous period. Lower gold prod Rating:
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