Anglo American Reports $672 Million First-Half Loss Amid Revenue Decline

British mining company Anglo American announced a significant shift in its financial performance for the first half of the year, reporting a loss attributable to equity shareholders of $672 million. This marks a stark contrast to the profit of $1.26 billion reported in the same period last year.

The basic loss per share for the first half of 2024 was $0.55, a notable drop from the profit of $1.04 per share recorded a year ago. The company also reported a decrease in basic underlying earnings per share, which fell 23 percent to $1.06 from $1.38 last year.

Underlying EBITDA for the period was $4.98 billion, down 3 percent from $5.11 billion in the previous year. Despite the decline in EBITDA, the EBITDA margin improved to 33 percent from 31 percent last year, indicating some efficiency gains within the company's operations.

Anglo American's revenue for the first half of the year fell by 8 percent, dropping to $14.46 billion from $15.67 billion in the same period last year.

In light of these financial results, the company's Board has approved an interim dividend of $0.42 per share, down 24 percent from the $0.55 per share dividend issued last year.