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Harmony Gold Mining misses profit forecasts

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South African miner Harmony Gold Mining Co. (HAR.JO) reported a first-quarter net loss of 521 million South African rand ($37.3 million) — missing expectations–as the company continues to restructure amid low gold prices.

The company’s loss widened from a year earlier loss of ZAR266 million, though it narrowed from a fourth-quarter net loss of ZAR3.15 billion, as the company reassessed the lifespans of its mines amid lower commodity prices.

Revenue fell 6.6% to ZAR4.14 billion from a year earlier, beating expectations, though it rose 6.8% from the fourth quarter.




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