(Alliance News) - Pan African Resources PLC on Monday said it expects an increase in earnings in the first half of its financial year thanks to gold revenue surging.
The African-focused gold producer said it expects earnings per share for the first half ended December 31 to be between 2.05 US cents per share and 2.17 cents per share compared to 1.14 cents per share a year prior, representing an increase between 80% and 90%.
Headline earnings per share are expected to increase between 81% and 92% to 2.05 cents per share and 2.17 cents per share, from last year's 1.13 cents per share.
Pan African said that the increases are largely due to gold revenue climbing 38% to USD183.8 million from USD132.8 million.
Results for the period are due Tuesday next week.
Pan African Resources shares were down 1.5% at ZAR4.58 each in Johannesburg on Monday afternoon. In London on Monday morning, the stock was flat at 22.60 pence each.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Pan African (PAF)