African Rainbow Minerals full-year profit falls on lower output and prices

Diversified miner African Rainbow Minerals (ARM) reported on Monday a 21% decline in annual profit, attributed to lower production and weaker commodity prices.

ARM’s headline earnings per share (HEPS) – the common profit measure in South Africa – was R48.51 ($2.59) in the full year to June 30, compared with R57.87 the previous year.

ARM said its iron ore business was affected by lower export sales and weaker prices. Lower output and softer prices also hit the company’s earnings from its platinum group metals (PGM) division.

The company declared a dividend of R12 per share, down from R20 rand share last year.

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