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The Johannesburg-based gold producer estimates that every 20-cent movement in the rand translates into about 100 million rand ($12.8 million) in operating profit a quarter, Paul Schmidt told reporters during a conference call.
The average rand/dollar exchange rate at ZAR7.82 during the three months to September was 9% stronger than in the previous quarter, so while the dollar price of gold for the recent quarter was up 4% it was 5% lower in rand terms.
Gold Fields said the fall in the rand gold price it received on the quarter caused its revenue to decrease by almost 5% to ZAR7.42 billion in the September quarter.
-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848; robb.stewart@dowjones.com
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(END) Dow Jones Newswires
10-29-09 0336ET
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