BRIEF-Kumba Iron Ore reports 131 pct rise in FY HEPS to 27.3 rand/shr

Published 2017/02/14, 07:14
Updated 2017/02/14, 07:20
© Reuters.  BRIEF-Kumba Iron Ore reports 131 pct rise in FY HEPS to 27.3 rand/shr
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Feb 14 (Reuters) - Kumba Iron Ore Ltd KIOJ.J :

* Summarised annual financial results for year ended Dec.31 2016

* Production of 41.5 mt, Sishen and Kolomela exceeding FY targets

* Says FY HEPS of 27.30 rand per share, up 131 pct

* Says 34 pct reduction in controllable FY costs

* Says average cash breakeven price reduced to $29/tonne on back of an average realised price of $64/tonne

* Says normalised earnings were 108 pct higher than comparative period at 27.10 rand per share (2015: 13.02 rand per share).

* Says basic earnings rose to 26.98 rand per share, compared to 1.46 rand per share in 2015 which was impacted by impairment charge relating to Sishen mine of 6 bln rand

* Says Kolomela exceeded expectations yet again, producing 12.7 mt, benefiting from increased throughput

* Says total production for year was 41.5 mt, a decrease of 8 pct, in line with planned lower mining volumes at Sishen

* Says group's total revenue of 40.8 billion rand for period increased by 13 pct from 36.1 billion rand in 2015

* Says global and local macro-economic and socio-political environment remains challenging despite recent rise in iron ore prices Source text for Eikon: Further company coverage: KIOJ.J

(Bengaluru Newsroom)

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