Kumba Iron Ore's half-year profit remains flat
Anglo American's South African unit, Kumba Iron Ore, reported that its half-year profit remained flat despite a 3% increase in sales, as weak global steel demand impacted prices.
Image credit: Kumba Iron Ore
Kumba reported headline earnings per share of R22.26 in the six months to 30 June, compared to R22.27 during the same period last year.
The company said its average realised free-on-board export price was $91 per wet metric tonne (wmt) during the six months, 6% lower than $97 per wmt previously.
Soft domestic steel demand and a weak property sector in major iron ore importer China pushed prices lower during the period, Kumba said.
The company declared an interim dividend of R16.60 per share.