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02-18-2011, 05:48 AM
LONDON (MarketWatch) -- Mining group Anglo American PLC said Friday that its 2010 net profit jumped to $6.54 billion from $2.43 billion a year earlier as revenue including associates rose 34% to $32.93 billion. The group said its results benefited both from higher commodity prices and its productivity improvements. The company's asset optimization and procurement programs delivered $3 billion of benefits in 2010, exceeding its target of $2 billion by the end of 2011. Underlying operating profit rose 97% to $9.76 billion and was ahead of the $9.55 billion consensus forecast. "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," said CEO Cynthia Carroll.
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