【Ferro-alloys.com】JSE-listed African Rainbow Minerals (ARM) expects its headline earnings for the six months ended December 31, to be between 24% and 33% lower year-on-year at between R3.38-billion and R3.83-billion.

Headline earnings a share are expected to be between R17.33 and R19.66.

Basic earnings for the period are expected to decrease by between 17% and 26% to between R3.60-billion and R4.04-billion, while basic earnings a share are expected to be between R18.49 and R20.74.

ARM attributed the decline in headline earnings to a number of factors, including that a portion of the ARM Platinum receivables as at June 30, 2021, were realised at lower prices following the decline in rhodium and palladium prices in the first three months of the period under review, which resulted in negative mark-to-market adjustments.

Moreover, the rand strengthened versus the dollar, while the average iron-ore and palladium prices were lower year-on-year.

The company’s results for the interim period will be released on March 3. 

• [Editor:zhaozihao]