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DRDGOLD earnings up 115%

[businessday.co.za] -- Earnings jump as South Africa’s fourth largest gold producer lifted output during a period when the gold price steadily advanced.

Earnings jump as South Africa’s fourth largest gold producer lifted output during a period when the gold price steadily advanced

DRDGOLD said on Monday its headline earnings more than doubled as it lifted output during a period when the gold price steadily advanced.

DRDGOLD says its headline earnings for the year ended 30 June 2011 jumped by 115% to 28 cents per share.

The miner says its net cash generated increased 504% to R323.9 million, followed by a 76% improvement in operating profit to R477 million.

Gold production rose by 37% fior the year to 48 352oz, with revenue increasing by 29% to R2 565,3 million.

"This reflected continued recovery of the underground circuit of Blyvoor from the negative impact of seismicity-induced damage to high-grade production areas at No 5 Shaft and continued bedding down of the Ergo surface retreatment circuit," the miner said on Monday.

DRDGOLD declared a dividend of 7.5 cents per share. With Reuters