Glencore: net profit jumps on higher commodity prices
(CercleFinance.com) - Glencore, the world's largest commodity trader, posted a jump in first-half profit and promised to focus on deleveraging and shareholder returns.
Net profit at the mining conglomerate rose 13% to 2.8 billion dollars over the first six months of the year, boosted by a volatile but favourable trading and commodity price environment.
Adjusted EBITDA rose 23% to 8.3 billion dollars.
Glencore's biggest earnings contribution came from its industrial assets, where EBIT surged 26%, thanks to highly "competitive cost positions" of the asset base, it said.
Glencore told investors that it remains focused on creating value for shareholders through the "disciplined allocation of long-term capital."
"It looks like we could see more buy-backs in the second half," reacted analysts at UBS.
Despite this, the share price is currently down 1% at 322.9 pence in London today.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
Net profit at the mining conglomerate rose 13% to 2.8 billion dollars over the first six months of the year, boosted by a volatile but favourable trading and commodity price environment.
Adjusted EBITDA rose 23% to 8.3 billion dollars.
Glencore's biggest earnings contribution came from its industrial assets, where EBIT surged 26%, thanks to highly "competitive cost positions" of the asset base, it said.
Glencore told investors that it remains focused on creating value for shareholders through the "disciplined allocation of long-term capital."
"It looks like we could see more buy-backs in the second half," reacted analysts at UBS.
Despite this, the share price is currently down 1% at 322.9 pence in London today.
Copyright (c) 2018 CercleFinance.com. All rights reserved.