Glencore: raises 2017 EBIT target.
(CercleFinance.com) - Glencore is improving, as evidenced by this Thursday morning's publication of satisfactory results to end-June - from all angles.
Debt, the mining group's long-term Achilles heel, has been cut to 13.9 billion dollars, down 1.6 billion dollars from its level a year ago.
In addition to an improved financial position, Glencore has also recorded a 44% increase in revenue, along with a 68% leap in EBITDA relative to the first six months of the year, at 6.74 billion dollars. Adjusted EBIT has more than quadrupled - up from 875 million dollars to 3.8 billion dollars.
Boosted by this strong overall performance, the company has increased its FY adjusted Ebit target, which it now expects to be between 2.4 billion dollars and 2.7 billion dollars, up 100 million dollars from its previous guidance range.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Debt, the mining group's long-term Achilles heel, has been cut to 13.9 billion dollars, down 1.6 billion dollars from its level a year ago.
In addition to an improved financial position, Glencore has also recorded a 44% increase in revenue, along with a 68% leap in EBITDA relative to the first six months of the year, at 6.74 billion dollars. Adjusted EBIT has more than quadrupled - up from 875 million dollars to 3.8 billion dollars.
Boosted by this strong overall performance, the company has increased its FY adjusted Ebit target, which it now expects to be between 2.4 billion dollars and 2.7 billion dollars, up 100 million dollars from its previous guidance range.
Copyright (c) 2017 CercleFinance.com. All rights reserved.