Coal miner Exxaro Resources yesterday said it expected its financial results for the six-month period ended June 30, 2023, to decrease up to 37% mainly due to lower coal sales prices and volumes.
“The decrease in earnings at our own managed operations is largely attributable to lower coal sales prices and volumes, compounded by the impact of ongoing logistical challenges. Income from our equity-accounted investments at Sishen Iron Ore Company Proprietary Limited and Mafube Coal Proprietary Limited were also negatively impacted by lower prices,” it said.
Its interim headline earnings per share were likely to decrease between 23% and 37%, while attributable earnings per share were also expected to decrease between 23% and 37% from the comparative corresponding period.
Similarly, earnings before interest, taxes, depreciation and amortization was expected to decrease between 22% and 36% compared to the six-month period ended June 30, 2022.
The results are expected to be out on August 17.
By 1.10pm the share price was 0.2% higher at R158.38 on the JSE.
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