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Gold Fields : Sees Wider Loss in 2018 as Revenue Falls - Market Screener

Wednesday, 6 February 2019

By Oliver Griffin Gold Fields Ltd. (GFI.JO) said Wednesday that it expects to report a widened loss for 2018 as a result of lower revenue and higher one-off costs.

The South African gold miner said it expects to report a loss of between 40 and 44 U.S. cents a share, compared with a loss of 2 cents a share in 2017.

Headline earnings per share are expected to be between 17 and 21 cents a share, or 65%-81% lower than in 2017, when headline earnings were 26 cents a share.

Revenue for the year ended Dec. 31 fell as less gold was sold at Gold Fields' South Deep operation as a result of restructuring and industrial action, while revenue was also hit by the sale of the Darlot gold mine in Australia in 2017.

Gold Fields said fourth-quarter attributable gold-equivalent production is expected to be 509,000 ounces, compared with 533,000 ounces in the third quarter of the year.

Gold-equivalent production for 2018 is expected to be 2.04 million ounces, down from 2.16 million ounces in 2017, but higher than previously downgraded guidance of 2 million ounces.

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin


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