By Barbara Kollmeyer
MADRID (MarketWatch) -- Anglo American (UK:AAL 2,443, -56.50, -2.26%) (AAUK.Y 19.74, +0.49, +2.55%) on Friday reported a 53% fall in 2009 net profit to $2.42 billion, or $2.02 per share, against $5.22 billion in 2008, or $4.34, as the global economic downturn weighed on prices for its metals. Group revenue fell 25.3% to $24.64 billion, against $33 billion a year ago. The company noted falling demand particularly in the metallurgical coal and thermal coal units. Operating profit for copper was 6% higher, but iron ore and manganese fell 42%, metallurgical coal fell 59%, thermal coal fell 33%, diamonds fell 87%, with nickel down as well. Anglo American said the medium and long-term outlook for the industry remain strong, with commodity demand expected to remain robust. The group said it expects China will continue to upgrade and develop its infrastructure while longer-term potential of India and Brazil will provide further support. It sees economic headwinds for developed economies.
