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S.Africa's Thungela expects strong first-half earnings due to coal prices

08/01/2022 | 05:11am EDT

(Reuters) - South Africa's Thungela Resources expects a significant rise in half-year profit due to soaring coal prices, it said on Monday, but flagged rising costs amid inflationary pressures.

Thungela said it expects to post headline earnings per share (HEPS) - the main profit measure in South Africa - of between 66.85 rand ($4.03) and 67.45 rand for the six months to June 30, compared to 3.05 rand last year.

The company said while it had benefited from high coal prices, rising energy costs and inflationary pressures had raised its operating costs.

The coal exporter, which was spun off from Anglo American Plc last year and listed separately, is expected to release its half-year results on Aug. 15.

Anglo American sold off its residual shareholding in Thungela in March.

($1 = 16.5981 rand)

(Reporting by Nelson Banya; editing by Jason Neely)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ANGLO AMERICAN PLC -0.63% 2849.5 Delayed Quote.-4.84%
DOW JONES AFRICA TITANS 50 INDEX -0.29% 416.1 Real-time Quote.-21.89%
DOW JONES SOUTH AFRICA(ZAR) 0.79% 1827.12 Real-time Quote.-7.72%
S&P AFRICA 40 INDEX 0.30% 135.74 Real-time Quote.-22.12%
THUNGELA RESOURCES LIMITED -3.42% 325 End-of-day quote.284.43%