Sibanye Gold Swings to 1st Half Net Loss on Strike Costs, Restructuring Expenses

Date : 08/29/2019 @ 12:59PM
Source : Dow Jones News
Stock : Sibanye Stillwater (SBGL)
Quote : 13.13  1.11 (9.23%) @ 8:06PM
Sibanye Stillwater share price Chart

Sibanye Gold Swings to 1st Half Net Loss on Strike Costs, Restructuring Expenses

Sibanye Stillwater (NYSE:SBGL)
Historical Stock Chart

6 Months : From Aug 2019 to Feb 2020

Click Here for more Sibanye Stillwater Charts.

By Oliver Griffin

 

Sibanye Gold Ltd. (SGL.JO) on Thursday reported a swing to a net loss in the first half of 2019, which it attributed to costs associated with strike action and other restructuring expenses at its South Africa gold operations.

The mining company--which has traded as Sibanye-Stillwater Ltd. (SBGL) since it bought U.S. company Stillwater Mining Co.--booked a loss of 265.2 million rand ($17.3 million) for the six months ended June 30, compared with a net profit of ZAR76.7 million in the year-earlier period.

The company booked costs of ZAR375 million associated with the strikes and other restructuring costs of ZAR386 million at its gold operations.

Sibanye said its revenue for the first half of the year fell 1.6% to ZAR23.53 billion.

The company's adjusted earnings before interest, taxes, depreciation and amortization fell to ZAR2.1 billion, from ZAR3.9 billion in the year-earlier period. However, it said it expects a significant increase in adjusted Ebitda in the second half of the year as operations stabilize.

Sibanye Gold said it has cut its U.S. 2E platinum-group metals production guidance outlook for the year to a range of 625,000 to 640,000 ounces. Metals in the 2E group include platinum and palladium.

Gold production for the full year is now seen in a range of 771,617 ounces to 803,768 ounces, the company said. Guidance for platinum-group metal production in South Africa was unchanged.

 

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

 

(END) Dow Jones Newswires

August 29, 2019 08:44 ET (12:44 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest SBGL Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:us D:20200219 20:21:33