Harmony Gold Mining Co. on Tuesday reported a significantly improved profit for the first half of the fiscal year, declared an interim dividend for the period, and raised full-year gold production guidance.
The South African gold miner made a net profit of $356 million for the six months ended Dec. 31, up from $91 million a year earlier and in line with the company’s own guidance of $349 million-$361 million. Harmony had previously flagged a 8% increase in gold production and a 31% hike in realized gold prices for the period. As a result, revenue increased 39% to $1.05 billion.
The group declared an interim dividend of 7.5 cents a share as part of its revised policy of paying 20% of net free cash generated to shareholders. Harmony noted that net debt was significantly reduced in the period as a result of operating cash flows.
The company upgraded full-year production guidance to 1.56 million-1.60 million ounces from the previous 1.26 million-1.30 million ounces following the integration of the newly acquired Mponeng mine and taking into account the amended plan at Target.
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