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Anglo American earnings hit by $1.9B in writedowns

  • Anglo American (AAUKF) made its second consecutive net loss in 2014 after the mining company wrote down wrote down $1.9B in the value of assets as commodity demand continued to be soft.
  • Still, net losses narrowed to $961M from $1.47B a year earlier but badly missed consensus for a profit of $2.01B.
  • Underlying profit fell 7% to $2.7B, above analyst forecasts of $2.38B.
  • Total revenue +1% to $33.06B.
  • Net debt rose to $10.7B from $8.5B and could reach $15B by the end of 2014.
  • Despite the loss, Anglo American maintained its dividend at $0.85 a share. (PR)
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