African Rainbow Minerals FY profit boosted by improved commodity prices

JOHANNESBURG, Sept 7 (Reuters) - Full-year profit at African Rainbow Minerals rose 166 percent on the back of higher commodity prices, the company said on Thursday, declaring its 11th consecutive annual dividend.

Diluted headline earnings per share (HEPS) from continuing operations, the main profit measure in South Africa that strips out once-off items, rose to 1,742 cents per share for the year ended 30 June 2017 versus a re-stated figure of 654 cents for the corresponding period last year.

Earnings were boosted by higher commodity prices, said ARM, which operates joint ventures with Anglo American Platinum , Assore, Impala Platinum, and Glencore.

“The significant increase was mainly as a result of higher U.S. dollar prices realised for all the commodities in ARM’s portfolio relative to the previous corresponding year,” the company said in a statement.

ARM declared an annual dividend of 650 cents per share, up from 225 cents per share for the same period last year. (Reporting by Tanisha Heiberg; Editing by Clarence Fernandez)