Anglo American Swings to Profit on Rising Commodity Prices
February 21 2017 - 2:49AM
Dow Jones News
By Scott Patterson
LONDON--Fueled by surging commodity prices, Anglo American PLC
(AAL.LN) swung back to profitability last year, a dramatic rebound
for a company that only a year ago was planning to implement a
sweeping restructuring plan.
The U.K.-listed miner reported net income of $1.6 billion for
the year ended Dec. 31, 2016, compared with a net loss of $5.6
billion the previous year. Revenue was largely unchanged, rising to
$23.1 billion last year from $23 billion a year ago.
Anglo's net debt fell to $8.5 billion by year-end from $12.9
billion at the end of 2015, as higher commodity prices and asset
sales brought some relief to the mining giant's balance sheet.
The rebound brings a reprieve to Anglo American Chief Executive
Mark Cutifani, who a year ago unveiled a plan to sharply reduce the
mining giant's assets and cut its workforce by more than half.
-Write to Scott Patterson at scott.patterson@wsj.com
(END) Dow Jones Newswires
February 21, 2017 02:34 ET (07:34 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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