Johannesburg, South Africa — MININGREVIEW.COM — 1 September 2009 – South African diversified miner African Rainbow Minerals Limited (ARM) today reported a drop in full-year headline earnings, hit by declines in sales and prices, as well as a stronger rand against the U.S. dollar.
In a statement issued here, the company revealed that its headline EPS fell to 1 094 cents, compared with 1 906 cents the previous year, at the upper end of its own forecast of a drop to between 1,025 and 1150 cents.
“The massive global slowdown in the demand for resources, impacting three quarters of this financial year, resulted in lower U.S. dollar commodity prices and reduced sales volumes for most operations, most notably manganese ore, since October 2008,” the statement added.
ARM “’ which produces manganese, chrome, iron and thermal coal and has an exposure to platinum “’ said it expected demand for certain commodities to rise.
The company declared an annual dividend of 175 cents per share.