Harmony earns higher revenues by 5.4%

Dips in production and notes a higher net loss
Harmony earns higher revenues by 5.4%

Harmony Gold announced its results for the first quarter ending September 2007. It noted an increase in revenues by 5.4% to $351 million. It accounted a net loss of $81 million during the quarter, which dipped from $93 million of the corresponding quarter, a year ago. The slump was attributed to rising costs and lower production.

Harmony’s gold production also fell by 4% on year-on-year basis, to value at 512,480 ounces. Production cost for a single ounce also rose by 37% to $572, which was attributed to increased salaries. Also, Harmony expects to open its Elandsrand mine on November 19 after losing 48 days’ worth of production, which would take a toll on December quarter’s production figures. .

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