Sibanye Gold Swings to 2nd Half Profit, But Will Still Report 2017 Loss
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.
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(END) Dow Jones Newswires
February 21, 2018 03:51 ET (08:51 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.