GLNCY Glencore Plc (PK)

By Oliver Griffin

Glencore PLC (GLEN.LN) said on Wednesday that its net profit for the first half of the year rose 13% due to the impact of rising commodity prices and in spite of a range of issues that had dented its share price in recent months.

The Anglo-Swiss mining company and commodities trader said that profit for the six months ended June 30 rose to $2.78 billion from $2.45 billion in the first-half of 2017.

Adjusted earnings before interest, taxes, depreciation and amortization--a key metric for the company, which strips out exceptional items--rose 23% to $8.27 billion, a company record, Glencore said.

The mining company has endured a difficult first half in 2018. In the Congo in the spring, it faced legal action over a capital shortfall in its business there, before billionaire Dan Gertler--who was named in U.S. sanctions at the start of the year--launched a separate suit in the Congolese courts, seeking $3 billion in damages over a royalties dispute. Most recently, the company's shares fell after it received a subpoena from the U.S. Department of Justice relating to its compliance with money laundering laws.

Chief Executive Ivan Glasenberg said that while the market outlook is likely to remain volatile, Glencore remains "highly confident" in the strength of its underlying business.

The company said that revenue for the first half of the year rose 8.2% to $108.6 billion, while net debt fell 16% to $9 billion, from $10.7 billion at Dec. 31.

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

(END) Dow Jones Newswires

August 08, 2018 02:48 ET (06:48 GMT)

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