Sibanye Gold Swings to 2nd Half Profit, But Will Still Report 2017 Loss
February 21 2018 - 4:06AM
Dow Jones News
By Ian Walker
Sibanye Gold Ltd. (SGL.JO) said Wednesday that it posted a
profit in the second half of 2017, but this wasn't enough to offset
its losses in the first half.
The company, which changed its trading name to
Sibanye-Stillwater after acquiring the Stillwater Mining Company in
2017, expects to report a net loss for the year of 4.44 billion
South African Rand ($379.7 million) compared with a profit of
ZAR3.47 billion a year earlier. The main reasons for the reversal
were a number of charges that were booked in the first half of
2017, along with a ZAR2.12 billion acquisition gain booked in
2016.
It recorded a normalized profit of ZAR522 million in the second
half, compared with a loss of ZAR1.0 billion in the first half. The
normalized loss, which strips out exceptional and other one-off
items, for the year was therefore ZAR480 million, compared with a
profit of ZAR3.68 billion in 2016.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
February 21, 2018 03:51 ET (08:51 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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