Mercuria’s earnings rise 3% after JP Morgan oil, metals deal

Switzerland-based commodities trading house Mercuria achieved earnings before interest, tax, depreciation and amortisation (Ebitda) of $553 million in 2014, up 3% year-on-year, a source familiar with the matter told Metal Bulletin.

The rise in earnings came after the company acquired a large part of JP Morgan’s physical oil and metals business, including the Henry Bath warehousing unit. The company was on track to post record earnings in 2014, but its final result was affected by provisions set aside to cover a legal dispute with Citi relating to the two parties’ exposure to the warehouse collateral fraud uncovered in Qingdao last year, the source suggested, confirming details first reported by the Financial...

Published

Mark Burton

April 30, 2015

13:31 GMT

London