|
Anglo American's outlook for 2000 bright
REUTERS
London, March 19: Platinum and diamonds will add sparkle to Anglo American Plc profits when the mining group reports its first set of annual results as a London-listed company on March 22, industry analysts said. But coal will be a drag, reflecting severely depressed prices which have sunk to their lowest ever levels in real terms, in sharp contrast to the booming "precious" commodities in Anglo's portfolio. Analysts expect Anglo to unveil 1999 attributable profit before exceptionals of around $1.18 billion, up from $1.107 billion in 1998, with forecasts in a range $1.05-1.27 billion. The outlook for 2000 is considerably brighter, as the full impact of an upturn in commodities is felt -- but despite this, many analysts are wary of prospects for Anglo shares. UK mining peers Rio Tinto Plc and Billiton Plc both reported better than expected results last month, only to have their stock price mauled by a market with little time for old economy stocks. In Anglo's case, investors look beyond an expected upbeat statement on the markets for signs of further restructuring as the firm attempts to reinvent itself. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
|