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Xstrata First-Half Net Profit Rose 47% to $3 Billion

Reuters
Tuesday, 7 Aug 2007 | 2:39 AM ET

Miner Xstrata met forecasts with a 47% rise in first-half net profit on Tuesday, and said it expected a better operational performance in the second half, underpinned by strong demand from Asia.

The Swiss-based group, 36% owned by commodities giant Glencore, said its net profit was $3 billion in the six months to June 30, in line with analysts' average forecast in a company poll.

"Demand from developing Asian economies, the growing economies of the Middle East and the continued robust economic progress in Europe will more than offset slowing demand from the U.S., where lower housing starts and tighter credit are likely to impact consumption of key commodities, including copper and zinc," Xstrata said in a statement.

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