Australian coal producer Xstrata has issued its financial results for the first half of 2012, reporting a strong performance despite the cyclical downturn in commodity prices and ongoing cost inflation.
In the first six months of 2012, the attributable profit of Xstrata was $1.94 billion, recording a decrease of 33 percent, while its revenue saw a decrease of seven percent to $15.55 billion, both year on year.
In the given period, the company's operating profit amounted to $2.45 billion, decreasing by 42 percent compared to the corresponding period of the previous year.
Xstrata's total consolidated coal production in the first half of the current year increased by 12 percent year on year to 43.4 million mt, with higher second quarter thermal and coking coal volumes than in the first quarter. The company stated that the improvement in second quarter volumes provides good momentum for stronger second half production as new projects are progressively commissioned.