ARM headline earnings up
JOHANNESBURG (miningweekly.com) – JSE-listed African Rainbow Minerals (ARM) on Tuesday said that, while its headline earnings for the year ended June were up, exceptional items would weigh on basic earnings.
ARM expected headline earnings a share to be between R16.40 and R17.80, up from the R16.15 reported in 2012.
But an unrealised mark-to-market loss, resulting in the R2-billion impairment of the original cost of the investment in Harmony Gold Mining, would contribute to an expected decrease in basic earnings to between R7.25 and R8.10, down from the R16.09 a share reported the year before.
The after-tax impairment was based on Harmony’s share price of R35.75 a share at June 30, 2013.
ARM would release its results for the year on September 2.
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