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Interim Results

Glencore adjusted earnings jump

10 August 2017 07:17

Glencore's first half adjusted EBITDA and EBIT increased 68% and 334% to $6,741m and $3,801m respectively while net debt fell a further $1.6bn to $13.9bn from the end of 2016.

Net income attributable to equity holders was $2.5 billion compared with a loss of $369m last time.

EPS increased to $0.17 per share from a loss of $0.03 per share in 2016.

Chief executive Ivan Glasenberg said: "Our extensive efforts to reposition our balance sheet and drive further industrial asset portfolio improvements over the last twenty-four months, are reflected in our strong first-half financial performance.

"Adjusted EBITDA and EBIT increased 68% and 334% respectively over H1 2016, while Net debt fell a further $1.6 billion to $13.9 billion from end of 2016.

"Amid the best global economic growth momentum seen in recent years, our assets reported strong margins, generated by significantly better commodity prices and the favourable cost structures now embedded across the portfolio.

"Marketing similarly performed well, with Adjusted EBIT up 13% to $1.4 billion, as improving fundamentals created a more supportive marketing environment for our core commodities.

"As we look forward, the potential large-scale roll out of electric vehicles and energy storage systems looks set to unlock material new sources of demand for enabling underlying commodities, including copper, cobalt, zinc and nickel.

"Our portfolio of Tier 1 commodities underpins our ambition to create significant long-term value for Glencore shareholders."

Story provided by StockMarketWire.com

Related Company: GLEN

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