South Africa's Goldfields warns H1 headline earnings to fall up to 50 pct

Reuters
Workers are seen underground South Africa's Gold Fields South Deep mine in Westonaria, 45 kilometres south-west of Johannesburg, South Africa, March 9, 2017. REUTERS/Siphiwe Sibeko

JOHANNESBURG (Reuters) - South Africa's Gold Fields expects half-year profits to fall as much as 50 percent on the back of higher costs to convert local currencies to dollars and an increase in amortisation, the company said on Thursday. Gold Fields flagged headline earnings per share (HEPS) of between $0.06 to $0.08 for THE six months to 30 June 2017, 38 to 50 percent lower compared to the previous period. Headline EPS strips out certain one-off items and is the main profit measure in South Africa. Gold Fields, which will unveil its results on Aug 17, said the decrease in profits is due to stronger exchange rates on converting local currency costs to U.S. dollars, an increase in amortisation and non-recurring items. ($1 = 12.8930 rand) (Reporting by Tanisha Heiberg; Editing by Ed Stoddard)