S.Africa's Exxaro expects coal-fired profit jump

South Africa's Exxaro Resources on Tuesday said it expects half-year profit to rise by as much as 32%, with higher coal prices and sales offsetting the impact of poor rail logistics. The company expects to release half-year results on Aug. 18.

South Africa's Exxaro Resources on Tuesday said it expects half-year profit to rise by as much as 32%, with higher coal prices and sales offsetting the impact of poor rail logistics. Exxaro expects headline earnings per share - the main profit measure for South African companies - to be between 32.11 rand ($1.95) and 35.93 rands in the six months to June 30, compared with the 27.22 rand recorded during the same period last year.

The increase was despite a shortage of locomotives, poor maintenance, and cable theft that have limited state-owned rail firm Transnet's capacity to haul minerals such as coal and iron to ports, costing mining companies significant revenue. The company expects to release half-year results on Aug. 18. ($1 = 16.4390 rand)

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