Johannesburg - South Africa's Kumba Iron Ore reported a 66-percent drop in annual profit, in line with its own forecast, as it battled slumping prices for the steel-making ingredient.
Kumba, a unit of Anglo American, said headline earnings per share (EPS) totalled R11.8 in the year to end December compared with R34.3 a year earlier.
Headline EPS is the main gauge of profit in South Africa and strips out certain one-off items.
Iron ore prices fell about 35 percent in 2015 due to a supply glut and growth concerns in top consumer China, forcing Kumba to cut jobs and restructure its main mine, Sishen.
REUTERS