Harmony Gold's (HMY) Profits, Revenues Rise Y/Y In 1H18
Zacks Investment Research | Feb 13, 2018 08:35PM ET
Harmony Gold Mining Company Limited (NYSE:HMY) posted adjusted earnings of 17 cents per share for the first half of fiscal 2018 (ended Dec 31, 2017), compared with 11 cents recorded a year ago, a 55% year over year increase.
Revenues and Costs
Revenues increased 4.1% year over year to $735 million for the first half of fiscal 2018 from $706 million registered a year ago.
Gold production increased roughly 1% to 560,003 ounces (oz) for the first half of the fiscal year compared with 553,862 oz recorded a year ago. Average gold prices received during the period rose roughly 3% year over year to $1,348 per oz, while total gold sales improved 2%.
Cost of sales increased 1.5% to $658 million for the first half of fiscal 2018, while cash operating costs remained flat year at $974 million. All-in-sustaining costs of $1,161 per oz rose around 2% year over year due to the strengthening of Rand versus the U.S. dollar.
Financial Overview
Cash and cash equivalents fell 2.3% year over year to $86 million as of Dec 31, 2017 from $88 million as of Dec 31, 2016. Cash flow from operating activities was $137 million for the first six months of the fiscal ended Dec 31, 2017.
Outlook
Harmony Gold remains on track to achieve its group production guidance of 1.1 million oz of gold for fiscal 2018. Expected increase in production at the Hidden Valley will further help the company to boost its annual production.
Price Performance
Shares of Harmony Gold have moved up 6.3% in the last three months, outperforming the Original post
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