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African Rainbow Minerals profits halved

Johannesburg - African Rainbow Minerals [JSE:ARM], a diversified miner, said on Monday its full-year earnings rose by 7% but profit halved after it took a R2bn rand hit on its investment in Harmony Gold.

The South African miner said headline earnings per share for the 12 months to end June were 1 735 cents from 1 615 cents the previous year, beating the Thomson Reuters StarMine consensus of 1 627 cents.

Headline earnings are a key measure among South African analysts as they strip out exceptional and once-off items.

 
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