By Jaime Llinares Taboada

 

Anglo American PLC on Thursday reported lower earnings for the first half of the year, but the results were better than expected by analysts.

The multinational mining company generated underlying earnings before interest, taxes, depreciation and amortization of $8.70 billion in the first half of 2022, down from $12.14 billion a year earlier. This was above the Vuma market consensus of $8.56 billion, based on 10 analysts' estimates.

Underlying earnings per share fell 28% to $3.11, also beating the $2.86 consensus.

Net profit dropped 29% to $3.68 billion.

Anglo American declared an interim dividend of $1.24 a share, down from last year when it paid an ordinary dividend of $1.71, a special dividend of $0.80 and a share buyback of $0.80.

"Attributable free cash flow of $1.6 billion was driven largely by strong prices in the first quarter that declined towards the end of the period in tandem with increasing cost inflation," Chief Executive Duncan Wanblad said.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

July 28, 2022 02:59 ET (06:59 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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