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Gold Fields anticipates lower FY18 HEPS - Mining Weekly

Wednesday, 6 February 2019

Dual-listed Gold Fields expects its headline earnings per share (HEPS) for the 12 months ended December 31, 2018 to be 65% to 81% lower year-on-year at between $0.05 to $0.09.

In a trading update published on Wednesday, the gold producer said its basic loss a share would widen to between $0.40 to $0.44, compared with the basic loss a share of $0.02 reported for 2017.

Gold Fields attributed the widened basic loss a share to lower revenue and higher nonrecurring costs, which were partially offset by lower cost of sales.

Revenue had decreased year-on-year owing to lower gold sales at the South Deep mine, in South Africa, as a result of the restructuring of the operation and industrial action in the fourth quarter of 2018, as well as the sale of the Darlot mine, in Australia, in 2017.

Nonrecurring costs, meanwhile, increased as a result of a higher impairment charge at South Deep, higher retrenchment costs and a higher loss on the sale of inventory and assets.

Attributable gold equivalent production for 2018, meanwhile, is expected to have reached 2.04-million ounces, above guidance of two-million ounces, but below the 2.16-million ounces produced in 2017.

The company will release its financial results on February 15. 

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