UPDATE 1-Cliffs Natural Resources Q4 profit halves
Wed Feb 15, 2012 10:06pm GMT
Feb 15 (Reuters) - Cliffs Natural Resources Inc's quarterly profit halved on higher costs and the mining company expects its corporate projects to pump up expenses in 2012.
The Cleveland-based miner said selling, general and administrative costs will rise 18 percent to about $325 million.
In the fourth quarter, selling, general and administrative expenses rose 38 percent, while Exploration costs rose 73 percent.
Net profit fell to $185.4 million, or $1.30 a share, from $384 million, or $2.82 a share, a year ago.
Revenue rose 17 percent to $1.7 billion.
Analysts on average had expected the company to earn $1.51 a share, on revenue of $1.62 billion, according to Thomson Reuters I/B/E/S.
