* FY headline EPS at 16.15 rand vs 15.85 rand
* FY Sales up 18 pct to 17.53 bln rand
(Adds details)
JOHANNESBURG, Sept 3 (Reuters) – South African diversified
miner African Rainbow Minerals (ARM) posted a slight
increase in full-year earnings on Monday, boosted by higher
sales across most of its commodities, but said the outlook
remained challenging.
ARM, which has interests in nickel, coal, platinum, iron
ore, chrome and manganese, said headline earnings per share for
the year to the end-June rose to 16.15 rand, a 2 percent
increase from 15.85 rand.
Headline EPS is the main profit gauge in South Africa and
strips out certain one-time items. Sales rose 18 percent to
17.53 billion rand ($2.08 billion).
ARM said its Lubambe copper project in Zambia was
progressing on time and within budget, with the commissioning of
the plant expected by the end of the current financial year.
An expansion project to lift production at its Khumani iron
ore mine in South Africa was completed ahead of schedule and
below budget.
Demand for commodities is expected to remain challenging in
the year ahead on the back of a subdued global growth outlook,
it said.
“Demand fundamentals in the platinum group metals, nickel
and chrome markets are expected to remain subdued in the short
term due to uncertainty in the developed markets and over
supply,” ARM said, adding that the long-term outlook for those
commodities was positive.
Continued…
