[miningmx.com] – AFRICAN Rainbow Minerals (ARM) said it expected its interim headline earnings ended December 31 to be 45% lower, equal to R1.1bn less, than the half-year figures in the previous financial year.
“The decrease in headline earnings is largely attributable to the fall in US dollar export commodity prices in comparison to those achieved in the previous period, especially for iron ore, partially offset by a weaker exchange rate during the period,” it said.
Basic earnings would be lower owing to an unrealised loss on the company’s stake in Harmony Gold equal to R385m after tax, it said.
