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ARM H2 ’09 earnings fall 80%

February 22, 2010 - 15:36 GMT Location: London

KEYWORDS: african rainbow minerals , arm , assmang , jethro wookey

South Africa’s African Rainbow Minerals (ARM) reported earnings of R454 million ($58.9 million) for the six months ended 31 December 2009, an increase of R369 million over the previous six months but still down nearly 80% on earnings in the second half of 2008, as the strong rand bit into the company’s profits

“The impact of the exchange rate on headline earnings has been pronounced, with the average rand to US dollar exchange rate having strengthened by 14% […] relative to the corresponding period [in 2008] and by 17% compared to the preceding six months,” ARM said on Monday. The rand was trading at 7.7 to the dollar on the day of the results announcement. ARM reported improved sales figures in the second half of...

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