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Anglo American profit drops 23% on commodity rout

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London - Anglo American [JSE:AGL], which is seeking to turnaround its business to withstand a collapse in commodity prices, said first-half profit dropped 23%. Its net debt declined to $11.7bn.

Underlying earnings for the six months through June fell to $698m from $904m a year earlier, the London-based company said in a statement on Thursday.

Excluding some items, earnings per share declined to 54 cents, beating the 26-cent average of six analysts’ estimates compiled by Bloomberg.

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