JOHANNESBURG (Reuters) - South African diversified miner Exxaro Resources said on Friday it expects full-year earnings to drop by as much as 41 percent, worse than market expectations and sending its shares to a three-week low.
The company said it sees headline earnings per share, which exclude one-time items, to come in at between 1,261 and 1,443 cents a share, or 31 to 41 percent lower than the 2,098 cents achieved in the previous year.
A Reuters SmartEstimate had forecast a 28 percent drop in full-year earnings.
Exxaro said the drop in revenue resulting from the sale of its mineral sands and Rosh Pinah operations in mid-2012 led to the decline in headline earnings.
Exxaro shares were 2.2 percent lower at 170.19 rand at 1208GMT, compared to a 0.06 percent drop by Johannesburg's blue-chip index.
Source: http://news.yahoo.com/africas-exxaro-sees-fy-profit-down-124235741--finance.html
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