Anglo American 2020 Profit Fell 41%; 2nd Half Recovery Beats Expectations
February 25 2021 - 2:49AM
Dow Jones News
By Jaime Llinares Taboada
Anglo American PLC on Thursday reported that its profit fell 41%
in 2020, as the coronavirus pandemic disrupted its operations
especially in the first half of the year.
The FTSE 100 multinational mining company made a net profit of
$2.09 billion last year down from $3.55 billion in 2019.
Underlying earnings before interest, taxes, depreciation and
amortization declined 2% to $9.80 billion but was above the market
consensus of $9.39 billion--taken from Vuma and based on nine
analysts' forecasts. This suggests a strong recovery in the second
half of the year, as underlying Ebitda had fallen 39% in the six
months to June.
"The resilience of our diversified business, following the
operational disruptions of the first half and benefiting from
strong metals prices in the latter months, generated underlying
Ebitda of $9.8 billion, with an increased mining Ebitda margin of
43%," Chief Executive Mark Cutifani said.
Anglo American declared a final dividend of $0.72 a share,
bringing the full-year payment to $1.00--down from $1.09 in
2019.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
February 25, 2021 02:34 ET (07:34 GMT)
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