Harmony Gold falls into Q4 loss as write-downs bite

JOHANNESBURG (Reuters) – South African bullion producer Harmony Gold fell to a steep fourth-quarter loss because of a 1.4 billion rand ($132 million) write-down on an expansion project at its Phakisa operation.

“The net loss for the June 2014 quarter was 1.22 billion rand, compared to a net profit of 31 million rand in the March 2014 quarter, mainly due to the impairment of 1.41 billion rand recorded,” the company said on Thursday.

(1 US dollar = 10.5869 South African rand)

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