Anglo American : 1st Half Profit Fell 75% Due to Pandemic; Cuts Dividend

By Jaime Llinares Taboada

Anglo American PLC on Thursday posted a significantly lower profit for the first half of the year as coronavirus-induced restrictions hit production, and cut the interim dividend for the period.

The FTSE 100 multinational miner made a net profit of $471 million down 75% from $1.88 billion a year earlier.

Underlying earnings before interest, taxes, depreciation and amortization declined 39% to $3.35 billion, but remained above the market consensus of $3.00 billion--taken from the company's website and based on nine estimates.

Anglo American declared an interim dividend of 28 cents a share for the period, down from 62 cents a year earlier.

"As the global economy recovers, platinum-group metals, copper and iron ore are all particularly well positioned, while De Beers, as the world's leading diamond business, is taking all appropriate steps to address the effects of acute disruption," Chief Executive Mark Cutifani said.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT