Kumba’s earnings per share down 66% on lower iron-ore price

JSE-listed Kumba Iron Ore’s headline earnings a share fell 66% year-on-year to R11.80 for the year ended December 31, compared with R34.30 a year earlier. The 42% drop in the average iron-ore price to $56/t contributed to the lower earnings. Basic earnings a share were R1.46 owing to a significant impairment charge of R6-billion relating to Sishen mine as a consequence of the low-price environment and actions taken to restructure the business.