Filter content by area of interest
Handling Equipment/Systems
Ports & Terminals
Transport & Distribution
Materials & Commodities
Storage
Processing
ICT & Telecoms
Civil Engineering
Environment
Safety & Security
Business
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing these articles with our compliments during the launch of our new website. 


register  or  login  to manage your newsletter preferences and to prevent this message from appearing.

Glencore profit hike despite woes

In spite of experiencing a difficult year, Glencore has reported 23% profit growth in its first-half (Jan-June) results.

Linked InTwitterFacebookGoogle Plus

The miner and commodities trader is facing a corruption probe by the United States Department of Justice, and has been caught up in a dispute concerning Congolese mining operations.

 

However, commenting on the latest results, CEO Ivan Glasenberg remained upbeat, but warned of ongoing business volatility.

 

“The strength of our diversified business model and commodity mix is once again demonstrated with a 13% increase in net income and a 23% increase in Adjusted EBITDA to US$8.3B,” said Glasenberg.

 

“Against a volatile but favourable trading and commodity price environment, marketing performed towards the upper end of its guidance range with a 12% increase in Adjusted EBIT to US$1.5B.

 

“Our Industrial business recorded Adjusted EBITDA of US$6.7B, up 26%, reflecting the highly competitive cost positions of our asset base.

 

“Cash generation remains strong, with FFO up 8% to US$5.6B and our balance sheet healthy, with net debt of US$9B. In addition to the US$2.85B of shareholder distributions announced earlier this year, we recently announced a US$1B buy-back programme.

 

“While broader market conditions are likely to remain volatile, confidence in our business prospects and current share trading levels point to near-term focus on deleveraging and shareholder returns/buybacks funded through cash generation. We remain focused on creating value for shareholders through the disciplined allocation of long-term capital.”

 

Linked InTwitterFacebookGoogle Plus

Latest News

Kent grain gain as Peel Ports invests

A solution at last for Tazara?

Caofeidian operation sees the light

Genma shiploader delivered to BCT

Linked In
Twitter