Gold Fields first quarter headline earnings per share slipped 18.7% to 290 cents, as production was seasonably lower due to the extended Christmas break. Net earnings slipped 20% to R2 billion. The world's fourth largest gold producer says that it is unlikely that gold production for the year will exceed 3.5 million attributable gold equivalent ounces.
ABN’s Samantha Loring unpacks the numbers with company CEO, Nick Holland.
Tsogo Sun's full year adjusted headline earnings per share rose 12% to 121.5 cents, as both casino win and hotel occupancy showed accelerated year on year growth. This allowed Africa's biggest hotel and casino operator to achieve margin expansion for the first time since 2008. Total income of R9 billion ended 39% above the prior year, assisted by the inclusion of R2.2 billion incremental income from Gold Reef, and satisfactory organic growth offset by the non-recurrence of 2010 FIFA World Cup. Tsogo sun has declared a final gross cash dividend of 40 cents.
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The IMF's latest Regional Economic Outlook has cut 2012 growth for sub-Saharan Africa from its previous forecast due to global financial distress and a sluggish recovery in South Africa. However, with growth forecast at 5.4%, it’s still better than the world average. With African economies sustaining their good progress, should South Africa reduce its exposure to Western economies?
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