Kumba Iron Ore half-year profit falls 50%

South Africa’s Kumba Iron Ore on Tuesday reported a 50% decline in half-year profit, mainly attributed to lower iron ore prices.

Kumba’s headline earnings per share (Heps) – the main profit measure for South African companies – stood at R36.13 for the six months to June 30, compared with R72.82 last year.

Production at Kumba’s two mines declined 13% to 17.8 million tonnes, largely due to excessive rains which impacted mining operations in the Northern Cape during the first quarter.

Kumba, which is 70% owned by Anglo American Plc, declared an interim dividend of R28.70.