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S.Africa's DRDGold sees annual profit decline as costs rise

08/17/2022 | 03:33am

Aug 17 (Reuters) - South Africa's DRDGold expects its full-year profit to be cut by as much as a third amid surging costs and lower production, the company said on Wednesday.

DRDGold's headline earnings per share (HEPS) - South African companies' main profit measure - is expected to be in the 1.136 rand ($0.0692) and 1.472 rand range for the year ended June 30, down from 1.684 rand during the same period last year.

The company said operating costs had risen 13% during the six months, driven mainly by increases in the cost of key inputs such as diesel, steel and chemicals. Revenue is seen 3% lower, due to reduced production.

DRDGold said it expects to release its annual results on Aug.24.

($1 = 16.4130 rand) (Reporting by Nelson Banya; Editing by Edmund Blair)

Reuters 2022
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