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Friday, 30th January 2009 (4102 views)

Gold Fields has announced that its earnings leapt fourfold in the final quarter of 2008, following a difficult year.

According to the company, gold output rose by five per cent over the three months to December to 839,000 ounces compared with the previous quarter.

Net earnings for the period soared to R542 million (£37.33 million), up from R120 million over the quarter to September.

Revenue during the quarter rose by 24 per cent to over R7 billion and the firm forecasts that production for the three months to March 2009 will reach 975,000 ounces.

In a statement, Nick Holland, Gold Fields chief executive, explained: "In light of the current credit crisis, Gold Fields' balance sheet remains robust with manageable debt levels and adequate liquidity."

He added that the company plans to further improve its safety performance and boost production by optimising existing mines during the 2009 and 2010 financial years.

Based in Johannesburg, South African gold producer Gold Fields recently appointed chartered accountant Paul Schmidt as the group's chief financial officer, a post he has acted since May 2008.

 

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