Xstrata’s profit increases by 86 percent in 2010

Tuesday, 08 February 2011
On February 8, Anglo-Swiss miner and coking coal producer Xstrata Plc issued its financial results for 2010, reporting that the restructuring activities undertaken during 2009 positioned it to benefit from a more favorable operating environment.
The attributable profit of Xstrata was $5.15 billion in 2010, recording an increase of 86 percent year on year thanks to stronger commodity prices. Its revenue saw an increase of 34 percent in 2010, increasing from $22.7 billion in the previous year to $30.5 billion.
Xstrata said it plans to pay a final dividend of 20 cents per share, reflecting a return to pre-crisis levels and confidence in the medium-term outlook.
"Looking ahead, leading indicators suggest that the US economy continues to find a reasonably solid track for recovery. In the eurozone, January data for the manufacturing and services industries reveal the fastest pace of expansion in nine months. Developing economies and China in particular appear set to continue to achieve wholly respectable high single-digit growth rates in 2011, albeit below 2010 levels due to the impacts of inflation and the proactive actions by governments to contain economic growth to within manageable levels," Xstrata CE Mick Davis said.
Tags: coking coal , raw mat , UK , Switzerland , Europe , Non-EU Countries , European Union , mining , fin. Reports , Xstrata(sourced:steel orbis)