Record earnings for Glencore
Mining company Glencore this week reported a 23 percent increase in first-half core earnings.
Miner and commodities trader Glencore said this week when announcing its H1 results that its profits for January to June were a record. Glencore’s first-half adjusted Ebitda (earnings before interest tax, depreciation and amortisation) of $8.3 billion missed a consensus forecast of $8.5 billion.
Meanwhile, adjusted Ebit (earnings before interest and tax) from its marketing division of $1.5 billion, up 12 percent, were in line. The miner said full-year marketing Ebit for 2018 was expected to be within the top half of its $2.2 billion to $3.2 billion long-term guidance range.
Following full-year 2017 results that the company said were its best yet, Ivan Glasenberg, Glencore CEO said that market conditions were likely to remain volatile. Glasenberg said in a statement that the company’s focus would be on “creating value for shareholders through the disciplined allocation of long-term capital”.
Pictured: Steven Kalmin, Glencore CFO