Exxaro Says Coal Prices Curb Earnings as Profit Drops 39%
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Exxaro Resources Ltd., South Africa’s second-largest coal producer, said low prices will hurt full-year profit after it fell 39 percent in the first half.
Headline earnings, which exclude one-time items, declined to 7.12 rand a share from 11.62 rand in the same period a year earlier, the Pretoria-based company said in a statement today. Operating costs were 320 million rand ($31 million) higher in the half than a year earlier, the company said.