South Africa’s diversified miner Exxaro on Thursday posted a 68 percent rise in first-half heacoal mines for sale in sadline earnings boosted by its coal unit and said it expects a better second half, although risks remain. Exxaro’s first-half headline earnings per share rose to 683 cents from 406 cents in the comparable period, also boosted by the inclusion of its Mafube joint venture.
Headline earnings are the main profit gauge in South Africa and exclude certain one-off, financial and non-trading items. Revenue for the six months rose 10 percent to 7.9 billion rand. The company, which mines for coal, mineral sands and some base metals, said it expects earnings in the second half to rise on the back of current economic recovery, although currency fluctuations are expected to pressure earnings. “The relative strength of the local and Australian currencies could further impact on the results for the second half of 2010 as well,” it said.
