February 12, 2019 / 7:34 AM / 2 months ago

South Africa's Harmony Gold half-year profit slumps 94 pct

The sun sets behind a shaft outside the mining town of Carletonville, west of Johannesburg, July 7 2015. REUTERS/Siphiwe Sibeko

JOHANNESBURG (Reuters) - Harmony Gold’s half-year profit plunged 94 percent due to higher costs, a weaker rand and higher depreciation costs related to its Hidden Valley operations, the South African miner said on Tuesday.

Headline earnings per share (HEPS), the main profit measure in South Africa that strips out certain one-off items, fell to 14 cents ($0.0101) per share for the six months ended Dec. 31, 2018, from 224 cents per share a year earlier.

The miner said gold production rose 34 percent to 751,008 ounces, boosted by the inclusion of a full six months of Moab Khotsong and Hidden Valley operations.

($1 = 13.7990 rand)

Reporting by Tanisha Heiberg; Editing by Subhranshu Sahu

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