Anglo American Fiscal Year Net Profit Triples, Upbeat On Growth

Globally diversified miner Anglo American PLC (AAL.LN) Friday reported a near tripling in full-year net profit due to strong performance across all its divisions, particularly in its iron ore, copper and platinum divisions.

"While there remain a number of uncertainties in the immediate term, not least in the developed economies, our medium to long term view of demand growth for our commodities remains positive, driven by the resource intensive nature of economic growth in emerging markets," chief executive Cynthia Carroll said.

Anglo American said it has the potential to double production of metals over the next decade through a $70 billion project pipeline. In the shorter term, the miner said it plans to raise production volumes by 50% to 2015.

Anglo's total underlying operating profit rose to $9.8 billion from $5.0 billion in the same period a year earlier as demand and prices for its commodities rose.

The figure beat analysts' expectations of $9.55 billion in a company survey of 17 analysts.

Underlying earnings, which management believes is a more accurate reflection of the company's performance, rose to $5.0 billion from $2.57 billion. Underlying earnings strip out special items and remeasurements.

Net profit attributable to equity shareholders rose to $6.5 billion from $2.43 billion.

Anglo American's shares closed Thursday down 35 pence at 3925.50 pence a share.

-By Devon Maylie, Dow Jones Newswires; 44 20 7842 9328; [e-mail]