Results Round Up - 26 August 2010
Kazakh industrial metals miner Kazakhmys said it remains positive on the copper market after an improvement in prices for the red metal helped it post a sharp rise in revenues and earnings in the six months to June 30.
Revenues climbed to $1.52bn from $1.12bn over the same period a year ago, while underlying profits were up to $696m from $269m. Average copper prices climbed by 73% to $6,981. Copper accounted for more than $1bn of total revenues.
‘Our growth projects are progressing on track and we should be in a position to give significant updates by the time of our full year results,’ said chief executive Oleg Novachuk.
Full year results from Diageo showed a continuation of the improving trend seen in the Guinness brewer’s third quarter as developing markets drove overall growth , but markets in North America and Europe remained weak.
The group, famous for brands such as Smirnoff, Johnnie Walker, Captain Morgan and Baileys, said US volumes fell 2% in the year to 30 June. Organic sales growth of just 2% failed to impress.