Group operating profit fell to $US3.7 billion ($A3.6 billion) from $6 billion last year, a 38% drop.
Profit attributable to shareholders was $1.2 billion, down 70% on last year.
Revenue fell 10% to $16.4 billion.
“As a result of markedly weaker commodity prices experienced during the first half of the year, in addition to ongoing input cost pressures across the portfolio, Anglo American reported an operating profit of $3.7 billion, a 38% decrease,” Anglo chief executive Cythia Carroll said.
Earnings before tax, depreciation and amortisation decreased by 31% to $4.9 billion and underlying earnings decreased by 46% to $1.7 billion.
London-based Numis Securities said earnings missed the consensus of $2.14 billion.
“Successful project execution from the three new mining operations delivered and commissioned during 2011 contributed to production growth and generated more than $650 million of operating profit,” Carroll said.
“Growth projects delivered in 2011 continue to ramp up well, with Los Bronces expansion achieving 92 per cent of nameplate capacity during the second quarter, while Kumba’s Kolomela mine has exceeded expectations by producing in excess of 6 million tonnes on an annualised basis during the first half of the year – both considerable achievements and ahead of schedule.”
Carroll said the company would maintain a prudent approach to capital management.
“Despite the macroeconomic uncertainty and likely sustained higher capital and operating cost environment for the industry, we are committed to returning cash to shareholders and have increased our interim dividend by 14 per cent to 32 cents per share,” she said.
“We are sequencing investment by prioritising capital to commodities with the most attractive market dynamics and projects with the lowest execution risks.”
Net debt stood of $3.1 billion was $1.7 billion higher than at the end of December but $3.6 billion lower than the same time last year.
Carroll said despite the world economy deteriorating in recent months, the company saw more resilient trends for the medium to long term.
“Long-term supply constraints across many commodities, combined with continuing industrialisation and urbanisation trends in key growth markets should provide considerable support for prices.”
