On February 8, Anglo-Swiss miner and coking coal producer Xstrata Plc issued its financial results for 2009, reporting that the company's rapid and comprehensive response to the downturn in the early part of the year enabled a creditable result in extremely challenging markets in 2009.
The net profit of the company was $2.8 million in 2009, recording a dramatic fall of 41 percent compared with a net profit of $4.7 million in 2008. Net sales revenues in 2009 saw a decrease of 16 percent, dropping from $27.9 billion in the previous year to $23.5 billion.
The company reports that over $8 billion worth of projects currently in construction, with a further $9 billion due to be approved in 2010, are providing Xstrata with significant volume growth to benefit from continued robust demand from Asian and other industrializing economies.
Xstrata CEO Mick Davis commented, "Our businesses' rapid and comprehensive response to the downturn in the early part of the year enabled a creditable result in extremely challenging markets in 2009. It has been matched by a swift resumption of investment in key growth projects that will drive substantial volume growth and reductions in operating costs, marking the next stage of Xstrata's transformation."
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