ModernGhana logo
13.02.2007 Business & Finance

AngloGold Q4 EPS falls 67 pct, misses forecasts

Listen to article

The world's third-biggest gold producer AngloGold Ashanti Ltd posted a 67 percent slide in fourth quarter adjusted earnings on Tuesday, well below analysts' expectations.

South Africa's AngloGold said earnings per share for the three months to end December, excluding non-realised financial effects from derivatives, fell to 17 U.S. cents from 51 cents the previous quarter.

The headline profit of $46 million was hit by $100 million in accounting adjustments, including a non-cash charge of $42 million for share-based awards. The remaining $56 million related to redundancy costs at its Ghana operations, tax provisions, rehabilitation and amortisation charges.

AngloGold adjusted EPS was expected to fall by 10.4 percent to 46 U.S. cents, according to the average estimate of 10 analysts polled by Reuters. Their forecasts were in a range of 34-55 cents.

Mining giant Anglo American Plc holds a 41.8 percent stake in AngloGold.

ModernGhana Links

Join our Newsletter