South Africa' Harmony Gold posted another quarterly headline loss on Monday despite buoyant gold prices as output dipped and costs remained high.

Harmony Gold Mining Company Ltd, the world's fifth biggest gold producer, posted a headline loss per share for the fourth quarter of 52 South African cents compared to a loss of 50 cents in the previous quarter.

Harmony was expected to post headline earnings per share of 5 cents for the three months to end-June, according to the average forecast of eight analysts polled by Reuters.

Their forecasts for the headline figure -- which strips out capital, non-trading and certain extraordinary items -- ranged from a profit of 42 cents to a loss of 42 cents.

The firm, however, posted a more than doubling of cash operating profit of 645 million rand from 306 million the previous quarter.

Harmony -- the least internationally diversified of major South African gold miners with 90 percent of output from its home base -- said production fell 1.3 percent to 554,373 ounces.

Total cash costs during the quarter increased 1.1 percent to 93,968 rand per kg or $452 per ounce. This compares to $305 per ounce for rival AngloGold Ashanti, which reported on July 27.

Chief Executive Bernard Swanepoel said the firm had stepped up rates of development, which is underground work to gain access to gold deposits.

"This is a process that will continue for the next 18 months, but we expect to start reaping the benefits by the end of the fiscal year," he said in a statement.

Harmony shares, which have gained 17 percent this year, closed 1.53 percent higher in Johannesburg on Friday at 98.99 rand. The firm's New York-listed shares fell 1.2 percent to $13.95 on Friday.