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Glencore's '09 profits fall 43% on lower commodities prices [UPDATE]

March 10, 2010 - 17:11 GMT Location: London

KEYWORDS: glencore , xstrata , clementine wallop

Glencore’s profits dropped almost 43% on lower commodities prices last year, the trading house said on Wednesday as it forecast a strong performance amid continued volatility in 2010

Glencore’s profits dropped almost 43% on lower commodities prices last year, the trading house said on Wednesday as it forecast a strong performance amid continued volatility in 2010. Glencore’s net income plunged to $2.72 billion in 2009 from $4.75 billion in 2008. Gross income dropped to $3.29 billion from $5.34 billion the previous year. Revenue in 2009 totalled $106.4 billion, a 30% decrease from 2008’s total, while Glencore shareholders’ funds rose to $16.7 billion from $15.4 billion in 2008. Since the second half of last year prices have risen, and each quarter of last year was more profitable than the last, Glencore said, noting that it...

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