Glencore earnings drop 29% in H1

Glencore reported a 29% year-on-year drop in adjusted earnings before interest, taxes, depreciation and ammortisation (Ebitda) to $4.6 billion, with the contribution from marketing activities also falling in the period.

Marketing Ebitda was $1.2 billion in the period, down 27% year-on-year.
“We expect stronger second half contributions from the metals and agriculture segments to underpin full year marketing Ebit guidance of $2.5-2.6 billion,” ceo Ivan Glasenberg said in the results statement on Wednesday August 19.
“In specific commodities, aluminium and nickel were impacted respectively by significantly lower physical premiums and subdued global stainless steel production,” he said.

“This reflects softer conditions in China during the first quarter, impacted by the late start to the Chinese New Year as well as tighter...

Published

Deepali Sharma

August 19, 2015

09:12 GMT

Singapore