--Anglo American took a hit from the coronavirus pandemic in the first half of 2020, as lockdowns drove an 11% output drop
--Adjusted earnings came ahead of market expectations, with production also beating forecast
--The dividend shrank by 55%, in line with the earnings-linked payout policy
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, which resulted in a lower dividend in line with the company's payout policy.
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.
Chief Executive Mark Cutifani said production disruptions were partially offset by strong performances from the company's Brazilian iron ore and Chilean copper operations.
Anglo American declared an interim dividend of 28 cents a share for the period, down from 62 cents a year earlier. This was in line with the company's policy which sets the payments as 40% of underlying earnings.
"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," Mr. Cutifani said.
Shares at 0732 GMT were down 55.8 pence, or 2.8%, at 1,918.0 pence.
Write to Jaime Llinares Taboada at email@example.com; @JaimeLlinaresT