Harmony Gold Mining, the world’s fifth-largest gold producer, on Thursday reported the turning of its fortune.
The company swung into a profit in the first three months of 2008 after several quarters of reported losses.
Harmony posted a March quarter net profit of R345-million versus the December quarter’s net profit of R46-million.
Headline earnings per share of 42 cents reflected the about turn after the company reported a 43 cents headline loss per share for the December quarter.
The company’s gold production was 16,6% lower at 332 662oz after operations were impacted by South African power shortages.
Despite the lower production, cash operating costs were down by 8,9%. — I-Net Bridge