Palabora earnings take a dip

[miningmx.com] –PALABORA Mining Company said its earnings before interest, tax, depreciation and amortisation (Ebitda) for the year ended December are expected to be between R1.105bn and R1.139bn.

Basic earnings are expected to be between R278m (576 cents per share) and R287m (593 cents per share) and headline earnings between R283m (586 cents per share) and R292m (604 cents per share).

It expects cash and cash equivalents of between R1.367bn and R1.409bn; and net cash to between R1.266bn and R1.305bn.

The guidance compares with Ebitda of R1.305bn (2 699 cents per share), basic earnings of R720m (1 489 cents per share) and headline earnings of R721m (1 493 cents per share) for the previous year.

The reported operating earnings for 2008 were R835m. This has been adjusted to arrive at the Ebitda of R1.305m by including the depreciation expense of R470m.

It is anticipated that the results for the year ended 31 December 2009 will be published on or about 9 February 2009.