{"id":4170,"date":"2021-02-09T19:52:30","date_gmt":"2021-02-09T19:52:30","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=4170"},"modified":"2021-02-09T17:13:42","modified_gmt":"2021-02-09T17:13:42","slug":"gains-in-gold-price-sees-pan-africans-interim-earnings-surge","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/gains-in-gold-price-sees-pan-africans-interim-earnings-surge","title":{"rendered":"Gains in gold price sees Pan African\u2019s interim earnings surge"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong><a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a> &#8211; <a href=\"https:\/\/www.africa-press.net\/south-africa\">South-Africa<\/a>. <\/strong><\/span>DURBAN &#8211; PAN AFRICAN Resources said yesterday that it expected its half-year earnings to surge by more than 90 percent, boosted by an increase of 27.4 percent in the gold price.<\/p>\n<p>The group operates a portfolio of high-margin South African operations, which have a production capacity of about 200 000 ounces of gold a year.<\/p>\n<p>In a trading update for the six months to the end of December, the gold price increased to $1 865 (currently about R27 688) an ounce during the reporting period, up from $1 464 an ounce last year.<\/p>\n<p>Its gold sold during the six-month period increased by 8.6 percent to 98 386 ounces, compared with 90 602 ounces a year earlier. As a result, revenue increased by 38.4 percent to $183.8 million in the six months to the end of December, compared with $132.8m reported at the end of December 2019.<\/p>\n<p>The gold producer said it expected its headline earnings per share (Heps) to increase by between 81 percent and 92 percent, to between 2.05 and 2.17 US cents a share, up from 1.13 US cents reported last year.<\/p>\n<p>Earnings per share (Eps) were likely to increase by between 80 and 90 percent, to between 2.05 and 2.17 US cents, up from 1.14 US cents last year.<\/p>\n<p>\u201cThe increases in Eps and Heps for the current reporting period relative to the corresponding reporting period is largely as a result of a 38.4 percent increase in gold revenue to $183.8m compared to $132.8m in 2019,\u201d Pan African Resources said.<\/p>\n<p>The group presents its results in the dollars. It said that, during the current reporting period, the average dollarto-rand exchange rate was R16.26, compared with R14.70 at the end of December 2019.<\/p>\n<p>The closing exchange rate at the end of December was R14.70, while it was R14.08 at the end of last year.<\/p>\n<p>Last year, Pan African Resources reported a 125.8 percent surge in profit after taxation to $21.9m, due to the improved production performance at Evander Mines, while its revenue increased by 36.2 percent to $132.8m.<\/p>\n<p>Pan African Resources\u2019 shares closed 1.08 percent higher at R4.70 on the JSE yesterday.<\/p>\n<p>[email protected]<\/p>\n<p><b>BUSINESS REPORT<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; South-Africa. DURBAN &#8211; PAN AFRICAN Resources said yesterday that it expected its half-year earnings to surge by more than 90 percent, boosted by an increase of 27.4 percent in the gold price. The group operates a portfolio of high-margin South African operations, which have a production capacity of about 200 000 ounces of [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":4169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,275],"class_list":["post-4170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gains in gold price sees Pan African\u2019s interim earnings surge - South Africa<\/title>\n<meta name=\"description\" content=\"DURBAN - PAN AFRICAN Resources said yesterday that it expected its half-year earnings to surge by more than 90 percent, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/gains-in-gold-price-sees-pan-africans-interim-earnings-surge\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gains in gold price sees Pan African\u2019s interim earnings surge\" \/>\n<meta property=\"og:description\" content=\"DURBAN - 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