south africa

south africa

ARM reported headline earnings down 58%

51m ago
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The commodities downturn continues to cause pain. Diversified South African miner African Rainbow Minerals reported headline earnings down 58 percent to 1.74 billion dollars. This is for the year ended June 2015. A downward spiral in global commodity demand prices hit the company hard. However, the weaker rand helped to offset some of the losses. Despite the poorer earnings, shareholders still received a dividend of 350 cents a share -- 40% less than what they received the year before. Our reporter Nompumelelo Siziba caught up with ARM's CEO, Mike Schmidt and first asked why the loss was so material. For more News visit: http://www.sabc.co.za/news Follow us on Twitter: https://twitter.com/SABCNewsOnline?lang=en Like us on Facebook: https://www.facebook.com/SABCNewsOnline