Friday July 31, 09:35 AM
Anglo American says profits down 30.6%
LONDON (AFP) - Global mining giant Anglo American (LSE: AAL.L - news) said Friday its first-half net profit fell 30.6 percent as a result of weak commodity prices arising from the worldwide economic downturn.
Net earnings dived to 2.97 billion dollars in the six months to June, compared with 4.28 billion dollars in the same period of 2008, Anglo said in a results statement.
Revenues sank 37.9 percent to 11.13 billion dollars.
The group said it has already shed 15,400 of the 19,000 jobs it announced would go this year.
"As expected, the market environment has been challenging in the first half of 2009 and Anglo American's performance was impacted by the sharp declines in commodity prices against the prior year and anticipated reductions in volumes," said Chief Executive Cynthia Carroll.
"We took early and decisive action in order to respond effectively to the global economic downturn," Carroll said.
"We have focused on driving operational performance, preserved capital through halving our planned capital expenditure for the year, scaled back higher cost production and growth plans in platinum and coal, and suspended dividend payments."
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