Cost reduction measures pay off for Afrimat

Open pit miner Afrimat reports 15.5% rise in full-year headline earnings per share.

Johannesburg - South Africa's Afrimat reported a 15.5 percent rise in full-year headline earnings per share on Thursday helped by cost savings and a strong performance in mineral-producing operations.

Afrimat, an open pit miner that produces industrial minerals and construction materials, said headline EPS rose to 156.6 cents for the year to end-February from 135.6 cents.

Headline EPS is the main profit measure in South Africa and strips our certain one-off items.

The company raised its full-year dividend to 41 cents per share from 37 cents.

Afrimat shares were up 1.19 percent at R22.10 by 08h32 GMT.

REUTERS