[miningmx.com] — DIVERSIFIED miner African Rainbow Minerals (ARM) said it expects headline earnings per share for the 12 months ended June 30,
2010, to decrease from 1.094 cent per share to between 785 and 825 cents per share compared to the previous period.
Basic earnings per share are expected to decrease to between 830 and 875 cents per share, from 1.355 cents earlier.
Notwithstanding achieving increased sales volumes across most commodities and good cost control results, the group said its results had been negatively impacted by lower average US Dollar commodity prices received especially for iron ore and
manganese; and a 16% strengthening of the Rand against the US Dollar.
“The provisional basic earnings for ARM are, in addition, lower than that of the previous year owing to the non-recurrence of the 557m rand exceptional gain on the restructuring of TEAL Exploration & Mining Incorporated in the previous financial year,” it said.
The company will release its full year results on August 30, 2010.