Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Xstrata boosts profit sevenfold

GENEVA, Feb 8, 2011 – Anglo-Swiss mining group Xstrata on Tuesday reported a sevenfold increase in annual net profit in 2010 as it rode the forecast boom in commodities markets and prices.

Net profit reached 4.69 billion dollars (3.4 billion euros) last year after a drop in 2009, preliminary results showed.

Chief executive Mick Davis said the year was marked by a "strong operational performance" and highlighted the value of restructuring carried out in 2009 before an economic recovery took hold and commodity prices started rising again.

Xstrata\’s attributable profit, without exceptional items, grew by 86 percent to 5.1 billion dollars in 2010, while operating profit rose by three quarters to 7.6 billion dollars.

Revenues increased by 34 percent year-on-year to 30.5 billion dollars.

"Our growth plans will see us progressively deliver substantial additional volumes of key commodities into fundamentally constrained commodity markets," Davis said, as the group set its sights on a broader-based recovery beyond China and emerging economies.

Nearly a year ago, Xstrata\’s chief executive had predicted that commodities markets would shrug off depressed demand and prices and return to a situation where demand would outstrip supply.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...