Gold Fields Expects H1 Earnings To Fall

(RTTNews) - Gold Fields Ltd. (GFI) Thursday said it expects first half earnings per share to be at $0.06 to $0.08, that would be down 43 to 57 percent from $0.14 reported last year. Headline earnings for the first half is expected to be down 38 to 50 percent at $0.08 to $0.10 per share, from $0.16 per share. Meanwhile, the normalised earnings is expected to be in a range of $0.09 to $0.11 per share, down 15 to 31 percent from $0.13 per share reported last year.

The company said the decline in earnings is mainly due to the impact of stronger exchange rates on converting local currency costs to US dollars and an increase in amortisation. Earnings were also impacted by non-recurring items, including silicosis provision.

For the first half, attributable gold equivalent production is expected to be 1,047koz slightly up from 1,044koz last year. For the second quarter the gold equivalent production is expected to increase to 550koz from 497koz last year.