Kumba Iron Ore half-year profit flat despite increased sales

Anglo American’s South African unit Kumba Iron Ore said on Tuesday its half-year profit was flat despite a 3% increase in sales, as weak global steel demand impacted prices.

Kumba reported headline earnings per share of 22.26 rand ($1.24) in the six months to June 30, compared to 22.27 rand during the same period last year.

The company said its average realised free-on-board export price was $91 per wet metric ton (wmt) during the six months, 6% lower than $97 per wmt previously.

Iron ore dips on higher inventories

Soft domestic steel demand and a weak property sector in major iron ore importer China pushed prices lower during the period, Kumba said.

The company declared an interim dividend of 16.60 rand.