Exxaro expects 2018 earnings to jump higher
IOL - COMPANIES / 05 MARCH 2019 - 14:00 / ANA REPORTER
JOHANNESBURG - Coal producer Exxaro said on Tuesday it expected headline earnings per share of between 2,607 and 2,708 cents for the year ended December 31, compared with 502 cents reported in 2017.
It said while the coal business benefited from higher selling prices, the increases in earnings were primarily due to once-off transactions incurred in 2017 relating to the implementation of a black economic empowerment deal.
Exxaro, one of the largest South African based diversified resources companies, with interests in coal, titanium dioxide, iron ore and energy, will release its reviewed financial results for 2018 on March 14.
In February, Exxaro Resources confirmed on Monday that it has sold back its 26 percent stake in Tronox Sands LLP to the company for consideration of R2.06 billion, or approximately U.S.$148 million, in cash.
In November 2018, Exxaro announced that it would be selling the remainder of its stake in the multinational mineral sands miner and processor following the proposed re-domiciliation of Tronox to the UK.
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