Board-Ansicht
Mix-Ansicht- Jetzt aber Avanti ; Super-Zahlen von Anglo-Ashanti. - Emerald, 02.08.2006, 15:35
Jetzt aber Avanti ; Super-Zahlen von Anglo-Ashanti.
-->By Antony Sguazzin and Stewart Bailey
Aug. 2 (Bloomberg) -- Anglo American Plc, the world's second-
biggest mining company, may say first-half profit rose 54 percent,
lagging behind rivals such as BHP Billiton and Rio Tinto Group,
which mine more of the industrial metals needed by China.
Earnings before one-time items and goodwill amortization will
be a record $2.75 billion, or $1.81 a share, according to the
median estimate of four analysts surveyed by Bloomberg. Estimates
from an unspecified number of analysts polled by Anglo itself
ranged from $1.61 to $1.85 a share. The analysts don't forecast
net income. The company announces earnings Aug. 4.
Anglo, led by Chief Executive Officer Tony Trahar, has yet to
reap the full benefits of a plan to increase its focus on copper,
coal and the other commodities required to feed China's booming
economy. BHP has bigger iron ore, coal and copper operations and
also produces aluminum, a commodity so far shunned by Anglo.
Anglo's ``portfolio remains an issue with things like paper
and packaging and industrial minerals really just rats and mice
that don't make a big contribution,'' Matt Brenzel, who helps
manage the equivalent of $3.6 billion at Cape Town-based African
Harvest Fund Managers. ``They'll probably be third in line again,
behind the other two.''
Since Trahar announced the company's change of tack last
October, Anglo has sold a steel mill in South Africa and said it
plans to spin off its Mondi paper unit this year. It also cut its
stake in AngloGold Ashanti Ltd. by a fifth.
BHP, based in Melbourne, posted net income of $4.36 billion
in the six months ended Dec. 31 while Rio's profit was $3 billion
over the same period.
`Huge Leg-Up'
While contract prices for iron ore rose 71.5 percent last
year and a further 19 percent this year, the prices of some of the
Anglo's main metals, such as gold and platinum, have risen at a
slower pace. The price of gold advanced 63 percent over the last
two years while platinum gained 51 percent.
``BHP Billiton's got a huge leg-up on Anglo with its iron
ore, its coal and its oil,'' Steve Meintjies, who helps manage the
equivalent of about $820 million at Imara SP Reid, including Anglo
shares, said in an Aug. 1 interview from Johannesburg. ``There's
just no way it can compete with that.''
Rio will release first-half earnings tomorrow. BHP Billiton
reports annual profit on Aug. 23.
Anglo's earnings were also curbed by prices for gems set by
De Beers, the world's biggest diamond producer, in which Anglo has
a 45 percent stake. De Beers cut some prices in July after a 2
percent price increase earlier this year. First-half sales were
$3.25 billion, below the $3.45 billion median estimate of four
analysts polled by Bloomberg.
Lost Sparkle
``The price increases they have been able to achieve on the
diamond side have been pretty disappointing,'' said Armin Diem, an
independent fund manager in Cape Town, who advises Avocado
Financial & Investment Services Ltd.
Second-quarter earnings per share at AngloGold Ashanti Ltd.
were 3.34 rand, below the 3.87 rand median estimate of analysts.
Anglo Platinum Ltd., 75 percent owned by Anglo American, more than
doubled first-half profit to 4.5 billion rand ($649 million).
``They've underperformed for such a long time,'' Gary Quinn,
who helps manage the equivalent of about $5 billion at Prudential
Asset Management in Cape Town. ``It's no good for them saying it's
BHP Billiton outperforming us because of the oil price. At the end
of the day, they chose those commodities.''
Trahar, 57, said on April 25 he will retire when a successor
is found.
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