ARM :  13,675   +474 (+3.59%)  19/11/2018 00:00

South Africa's African Rainbow Minerals sees 2018 profit jump

JOHANNESBURG, Aug 22 (Reuters) - South Africa's African Rainbow Minerals (ARM) said on Wednesday that it expected its full year profit to rise by up to 54 percent, buoyed by stronger commodity prices and gains from a debt restructuring.

The company flagged headline earnings per share of between 2,370 cents and 2,590 cents for the year ending June 2018, compared to 1,684 cents in 2017.

Headline earnings - South Africa's most widely watched profit gauge - strip out certain one-off items.

The firm which mines coal, copper and platinum said in a statement earnings were improved by rising dollar prices for most of the commodities it produces, and gains from restructuring its debt.

The company concluded restructuring its debt of more than 4 billion rand ($273 million) in June.

ARM is due to report its full year results on September 7. ($1 = 14.6363 rand) (Reporting by Patricia Aruo Editing by James Macharia)

2018-08-22 17:45:52

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