GLNCY Glencore Plc (PK)

   By Oliver Griffin 
 

Glencore PLC (GLEN.LN) said Wednesday that net profit for 2017 rose more than four times the previous year's figure, beating analyst estimates and marking the mining company's strongest year on record.

The Anglo-Swiss mining and commodities trader said that profit for the year ended Dec. 31 increased to $5.78 billion, from $1.38 billion in 2016.

Revenue for the year rose 34% to $205.48 billion, Glencore said. Net debt fell to $10.67 billion by the end of the year, from $15.53 billion at the end of 2016.

A consensus estimate from 10 analysts compiled by FactSet had forecast net income for the year of $5.68 billion, while 19 analysts on FactSet forecast revenue of $213.88 billion.

The company also declared a dividend for the year of $0.20 a share.

Chief Executive Ivan Glasenberg said that strong cash-flow generation was reflected by a 49% increase in funds from operations, and said that the company was looking to the future with confidence.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

February 21, 2018 02:42 ET (07:42 GMT)

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