HomeBase MetalsARM expects drop in earnings

ARM expects drop in earnings

ARM “’ earnings
Johannesburg, South Africa — MININGREVIEW.COM — 24 August 2010 – Diversified miner African Rainbow Minerals (ARM) says it expects headline earnings per share for the 12 months ended 30 June 2010 to decrease from 1.094 cents per share to between 785 and 825 cents per share, compared to the previous year.

Revealing this here, the company said basic earnings per share were 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 R557 million exceptional gain on the restructuring of TEAL Exploration & Mining Incorporated in the previous financial year,” it added.

The company will release its full year results on 30 August 2010.