GLNCY Glencore Plc (PK)

   By Oliver Griffin 
 

Glencore PLC (GLEN.LN) said Monday that it now expects adjusted EBIT for its marketing division in 2018 of around $2.7 billion, which it attributed to the effect of basis risk in alumina, contract issues and lower prices in cobalt.

The Anglo-Swiss miner and commodities trader said it previously expected adjusted earnings before interest and tax in its marketing division to be in the top half of its long-term guidance range of $2.2 billion to $3.2 billion.

The company said basis-risk exposure in alumina will reduce significantly from 2019.

In line with the increasing independence of its agricultural operations, Glencore said its agricultural business will no longer be properly consolidated, the impact of which is expected to reduce reported marketing EBIT this year by around $100 million.

Glencore said the long-term guidance range of its marketing division remains unchanged, citing the opportunities presented for recent mergers and acquisitions to offset negative effects elsewhere.

Adjusted EBIT for the marketing division in 2019 is expected to be around the midpoint of the $2.2 billion-$3.2 billion range, Glencore said.

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

(END) Dow Jones Newswires

December 03, 2018 08:08 ET (13:08 GMT)

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