Market NewsCommentProfit for Anglo

Profit for Anglo

Anglo American said its 2007 net profit jumped 18% to $7.3 billion, boosted by high output and soaring metals prices, AFP reported. The Anglo-South African company meanwhile shrugged off concerns about a US economic slowdown, insisting that global demand for commodities was likely to remain strong throughout 2008. "The strength of our performance (in 2007) was due to improved production volumes of ferrous metals, copper and zinc, an increased focus on operational discipline and a continuation of the supportive trading environment," group chief executive Cynthia Carroll said in the results statement. Anglo American said revenue dropped 7.7% to 35.67 billion dollars last year, reflecting income lost from discontinued operations. The group increased its final dividend for 2007 by 15% to 86 cents per share. Anglo American said the world economic outlook was "clouded by uncertainty" but noted that "global commodity demand remains strong and seems likely to remain so throughout 2008." Carroll stressed that Anglo American was not in talks with any of the major mining companies, the report said.

Related articles

Mushrooms in the sky?

Taxi to the Loony Bin?

A new benchmark

Rio Tinto's 'Diamond Supply Agreement' - the day after

Reaction to Bunch of Jokers

Bunch of Jokers

View all