South Africa's Kumba Iron Ore flags annual earnings jump

  • Reuters
  • Stock Market News
South Africa's Kumba Iron Ore flags annual earnings jump

JOHANNESBURG, Jan 28 (Reuters) - South Africa's Kumba Iron Ore KIOJ.J expects annual earnings to rise by as much as 44%, boosted by strong iron ore prices and a weaker rand-to-dollar exchange rate, it said on Thursday.

Headline earnings per share (HEPS) for 2020 are expected to come in at between 68.07 rand and 73.06 rand, up 34-44% from the previous year.

HEPS is the main profit measure used in South Africa.

The miner said output in 2020 fell 13% to 37 million tonnes while sales declined 5% to 39.7 million tonnes.

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