Bloomberg reported that the owner of Africa’s largest iron ore mine, Kumba Iron Ore Ltd., said its full-year profit drops 28% on rising costs and reduced production and prices.
As quoted in the market news:
Net income fell to 12.2 billion rand ($1.4 billion), from 17 billion rand a year earlier, the Johannesburg-based unit of Anglo American Plc said today in a statement. The result compares with the 12.4 billion-rand median of eight analyst estimates compiled by Bloomberg. Earnings per share excluding one-time items slid to 37.97 rand, from 53.13 rand, after the company a month ago projected a range of 36.30 to 38.80 rand.