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Gold Fields warns H1 headline earnings to fall up to 50%

Profit hit by stronger exchange rates on converting rand costs to US dollars.

JOHANNESBURG – South Africa’s Gold Fields expects half-year profits to fall as much as 50% on the back of higher costs to convert local currencies to dollars and an increase in amortisation, the company said on Thursday.

Gold Fields flagged headline earnings per share (HEPS) of between $0.06 to $0.08 for the six months to June 30 2017, 38 to 50% lower compared to the previous period. 

Headline EPS strips out certain one-off items and is the main profit measure in South Africa.

Gold Fields, which will unveil its results on August 17, said the decrease in profits is due to stronger exchange rates on converting local currency costs to US dollars, an increase in amortisation and non-recurring items.

($1 = R12.8930)

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