Anglo American says interim profits nearly double

29th July 2011, Comments 0 comments

Global miner Anglo American said Friday that net profits almost doubled to US$4.0 billion dollars (2.8 billion euros) in the first half of the group's financial year, boosted by higher commodity prices.

Earnings after taxation rocketed 93 percent in the six months to the end of June, compared with US$2.06 billion in the equivalent period of last year, the London-based company said in a results statement.

Chief Executive Cynthia Carroll said that the group was now reaping the benefits of operational changes and continued investment throughout the global economic downturn.

"Anglo American's strong financial performance in the first half is reflective of the operational and business improvement foundations put in place over the last three years which have enabled us to capture the maximum benefit of increased commodity prices," Carroll said in the earnings release.

"Furthermore, our commitment to sustain investment in our growth projects through the downturn is now paying dividends; that new production is already coming on stream and will drive very substantial incremental cash flows as the projects ramp up from this year onwards."

The firm, which has key mining operations in South Africa, added that operating profit leapt 45 percent to $6.0 billion in the reporting period, while revenues swelled 22 percent to $18.29 billion.

© 2011 AFP

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