Anglo American Swings to Profit on Rising Commodity Prices

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 [e-mail]

(END) Dow Jones Newswires

February 21, 2017 02:34 ET (07:34 GMT)

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