Thursday, 4th August 2005 (2292 views)

Gold Fields, the globe's fourth biggest gold producer, has posted better than expected adjusted profits for its final quarter.

Earnings per share, excluding exceptional items for the three months to the end of June, rose by 80.8 per cent to 47 cents, compared with the same period a year ago.

This was more than ten cents higher than analysts' expectations, which had been 36.5 cents.

Shares in the gold company rose by 4.2 per cent to 73.23 rand on Thursday morning, outperforming the gold mining index's rise of 3.2 per cent.

The improved profits were driven by a weakened South African currency, the rand, though it did suffer a net loss because of mine impairments and rising costs incurred by its fighting off of a hostile takeover by Harmony.

 

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