S.Africa's Kumba Iron Ore half-year profit falls 50%

Production at Kumba's two mines declined 13% to 17.8 million tonnes, largely due to excessive rains which impacted mining operations in the Northern Cape during the first quarter. Kumba, which is 70% owned by Anglo American Plc, declared an interim dividend of 28.70 rand.

South Africa's Kumba Iron Ore on Tuesday reported a 50% decline in half-year profit, mainly attributed to lower iron ore prices.

Kumba's headline earnings per share (HEPS) - the main profit measure for South African companies - stood at 36.13 rands ($2.16) for the six months to June 30, compared with 72.82 rands last year. Production at Kumba's two mines declined 13% to 17.8 million tonnes, largely due to excessive rains which impacted mining operations in the Northern Cape during the first quarter.

Kumba, which is 70% owned by Anglo American Plc, declared an interim dividend of 28.70 rands. ($1 = 16.7401 rand)