Xstrata’s First-Half Profit Falls 33% on Weaker Price, Costs
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Xstrata Plc, target of a $28 billion takeover bid by Glencore International Plc, said first-half profit dropped 33 percent after commodity prices declined.
Net income fell to $1.94 billion from $2.92 billion a year earlier, the Zug, Switzerland-based company said today in a statement. That beat the $1.49 billion average estimate of five analysts surveyed by Bloomberg. Sales at the world’s largest thermal-coal exporter slipped 7 percent to $15.6 billion.