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.
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.
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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.
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(END) Dow Jones Newswires
July 27, 2017 02:59 ET (06:59 GMT)