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Higher export coal prices led to headline earnings of US$381 million, 13% of the company鈥檚 total earnings. Sales tonnage also increased by 3%.
Total net profit was up 59% on 2003.
The financial results came in at the lower end of analyst expectations with Reuters reporting forecasts for net profit ranging between $US2.69-2.95 billion, with a median $US2.76 billion.
The base metals division reported a 400% increase on headline earnings to $US1 billion, accounting for 39% of Anglo American's total earnings. Ongoing industrialisation in China underpinned the growth with Anglo American reporting record production of copper, nickel, zinc and mineral sands. The division was also buoyed by higher base metals prices.
Following closely behind base metals was Anglo's ferrous metals and associated industries divisions, notching up a record $US480 million in headline earnings, courtesy of improved prices for iron ore, manganese, ferrochrome, steel and vanadium.
Earnings from platinum were up 17% thanks to improved prices and better sales volumes, but was again offset by the strong rand.
The rand also affected the operating costs of gold operations in South Africa, with the gold business recording a 5% decrease in earnings to $US158 million.
"A key issue for the group will be to continue improving efficiencies and cost control against a background of volatile currencies and a weak US dollar," chief executive Tony Trahar said.
Trahar said the outlook for Anglo American was largely dependent on China's future growth.
