Anglo American Posts Strong Net Income and Reinstates Dividend

By Scott Patterson Features Dow Jones Newswires

Anglo American PLC reported strong first half earnings Thursday and reinstated its dividend, as a rebound in commodity prices continues to boost mining companies following a steep selloff that sent the industry scrambling to cut costs and sell off poor-performing assets.

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The U.K.-listed miner posted net income of $1.4 billion in the first half of 2017, compared with a net loss of $813 million for the same period last year.

The company reinstated its dividend for the first half after having suspended dividend payouts in 2015. Shares of Anglo have gained more than 50% in the past 12 months.

Excluding one-time items, Anglo posted a net profit of $1.5 billion in the first half, compared with $698 million a year ago.

Revenue rose to $12.1 billion during the first-half from $10.6 billion last year. Net debt fell to $6.2 billion as of June 30, below its year-end target of $7 billion, down from $11.7 billion a year earlier.

-Write to Scott Patterson at scott.patterson@wsj.com

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(END) Dow Jones Newswires

July 27, 2017 02:59 ET (06:59 GMT)