ARM earnings take a knock
By GIFT NDOLWANE
JOHANNESBURG, (CAJ News) – AFRICAN Rainbow Minerals, the South African diversified mining group, has posted a 58 percent fall in full-year headline earnings on the back of lower commodity prices.
Headline earnings per share, which are key measure in the country, reached 803 cents from 1 900 cents a year ago.
ARM declared a dividend of 350 cents compared to 600 cents paid in the same period a year ago.
“The reduction in headline earnings was largely as a result of a decline in average realised U.S. dollar prices for iron ore, manganese ore, platinum, nickel, export thermal coal and copper,” Executive Chairman, Patrice Mostepe, said.
He said ARM’s financial position remains robust despite a significant decline in US Dollar commodity prices.“ARM is committed to continue paying dividends and declares a dividend of 350 cents per share.”
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