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Swiss Glencore shows strong growth in 1H17

Glencore reported strong first-half results.

Swiss Glencore shows strong growth in 1H17

One of the world's largest coal, copper and zinc producers Glencore reported strong 1st-half results on August 10, 2017, benefiting from rising commodity prices as it continues to recover from a downturn that sparked widespread worries about its financial health and caused an investor revolt.

Glencore reported a $2.5 billion net gain for the 1st 6 months through June, compared with a $369 million net loss in the same period a year earlier.

It posted a net gain of $1.4 billion for all of 2016.

«Our extensive efforts to reposition our balance sheet and drive further industrial asset portfolio improvements over the last 24 months, are reflected in our strong 1st-half financial performance. Adjusted EBITDA and EBIT increased 68% and 334% respectively over H116, while Net debt fell a further $1.6 billion to $13.9 billion from end of 2016,» said Glencore’s CEO Ivan Glasenberg.

Glencore expects commodity markets to remain strong in the 2nd half of the year, saying it anticipates that its trading division will report earnings before interest and taxes for 2017 in the range of $2.4 billion to $2.7 billion, a $100 million increase from its previous guidance.

The company is the world's biggest producer of cobalt, a key commodity in the lithium-ion batteries that power electric vehicles and mobile phones.

Cobalt prices were up 109% in the 1st half from the same period last year, it said.

Glencore's 1st-half revenue rose 44% to $100 billion compared with the same period a year ago, helped by rising and resilient copper, coal and zinc prices.

To read the news in Russian.

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