Diversified miner African Rainbow Minerals (ARM) reported on Monday a 21% decline in annual profit, attributed to lower production and weaker commodity prices.
reported on Monday a 21% decline in annual profit, attributed to lower production and weaker commodity prices.
ARM's headline earnings per share - the common profit measure in South Africa - was 48.51 rand in the full year to June 30, compared with 57.87 rand 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 division.Reporting by Nelson Banya; Editing by Jacqueline Wong
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