Glencore Swings Back to Profit on Better Metal, Coal Prices
10 Agosto 2017 - 4:01AM
Dow Jones News
By Scott Patterson
Surging commodity prices powered Glencore PLC to a strong first
half of the year as the Swiss-based mining and trading giant
continues to recover from a gut-wrenching downturn two years ago
that sparked worries about its financial health.
Glencore--one of the world's largest coal, copper and zinc
producers--reported Thursday net profit of $2.5 billion in the six
months to June 30 compared with a $369 million net loss in the same
period a year earlier. Glencore had posted net profit of $1.4
billion in 2016.
"Amid the best global economic growth momentum seen in recent
years, our assets reported strong margins, generated by
significantly better commodity prices," Glencore Chief Executive
Ivan Glasenberg said in a statement.
Glencore's first-half revenue rose 44% to $100 billion from the
same period a year ago, helped by better copper, coal and zinc
prices.
Net debt was $13.9 billion, down from $15.5 billion at the end
of 2016.
--Write to Scott Patterson at scott.patterson@wsj.com
(END) Dow Jones Newswires
August 10, 2017 02:46 ET (06:46 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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