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Gold Fields reports decline in 4th quarter earnings

Bullion producer Gold Fields has reported a decline in fourth quarter earnings on the back of softer gold prices.

The price of gold has fallen about 6% since February last year as the dollar hit record highs over a stronger-than-expected U.S. economy.

“At today’s gold price we are still in a good shape to withstand even lower prices and we have done what we can to ensure that we can be a long term player in the industry,” chief executive Nick Holland told Reuters.

Normalised earnings per share dropped to 2 U.S cents per share in the three months to end-December, compared to 3 U.S cents in the previous quarter.

Gold Fields produced 556,000 ounces of gold in the period, down from 559,000 ounces in the quarter ended September.

Holland said costs during the whole of 2014 down 30% from the previous year due to the company’s money saving initiatives.

Reuters

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