Exxaro’s Full-Year Earnings Decline, Warns on Currency Effects
Exxaro Resources Ltd. (EXX), a South African coal mining company, said full-year earnings after excluding the proceeds from asset sales declined 33 percent.
Earnings per share excluding one-time items fell to 14.01 rand, the company said in a statement today. Revenue declined 23 percent to 16.1 billion rand ($1.77 billion). The company will pay a final dividend of 1.5 rand a share, it said.
“The 2013 financial and operational results are expected to be impacted by commodity price volatility, the rand/US dollar exchange rate fluctuations as well as the availability of trains in the export coal business,” the company said.
Exxaro shares gained 0.6 percent this year compared with a 0.7 percent drop in the FTSE/JSE Africa Mining Index. (JMNNG) The stock declined 1.6 percent yesterday to 170 rand, giving the company a market capitalization of 60.8 billion rand, according to data compiled by Bloomberg.
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