Xstrata’s net profit increases by 232 percent in H1 2010

Tuesday, 03 August 2010 13:54:00 (GMT+2)

On August 3, Switzerland-based mining giant Xstrata plc has issued its financial results for the first half of 2010, stating that the company's performance was characterized by another robust cost performance, volume growth in most key commodities and positive momentum in developing the company's industry-leading pipeline of organic growth projects. 

According to the financial results, sales revenues increased 43 percent to $13.61 billion for the first half of 2010 compared to $9.54 billion for the first half of 2009

Operating EBITDA was $4.49 billion for the half ended June 30, 2010, or 67 percent higher than the $2.69 billion reported in the first half of the previous year.

Attributable income of $2.29 billion in the first half of 2010 compares with $909 million in the first half of 2009, increasing 232 percent.

Commenting in relation to new projects, Mick Davis, Xstrata plc chief executive officer, said, "In total, 15 major growth projects are now approved and in the construction phase, representing a total of $14 billion of capital investment.  These projects alone will deliver substantially all of our expected 50 percent increase in overall volumes by 2014."

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