Glencore Announces First Half Financial Results
RTTNews - Glencore Plc., a global commodities trader and mining enterprise, announced its financial results for the first half of the year, revealing a widened net loss despite marginally higher revenues.
Financial Highlights
During this period, the net loss attributable to shareholders amounted to $0.66 billion, surpassing last year's deficit of $0.23 billion. The basic loss per share stood at $0.05, compared to $0.02 in the previous year.
Adjusted net income was reported at $0.55 billion, or $0.05 per share, down from $1.46 billion or $0.12 per share last year.
The company's adjusted EBITDA decreased by 14% to $5.43 billion from $6.34 billion, mainly due to declining prices in thermal and steelmaking coal, as well as reduced copper volumes.
Revenue and Shareholder Returns
Revenue slightly increased to $117.396 billion from $117.091 billion a year earlier.
Glencore also disclosed plans to pay the second installment of its base dividend of $0.05 per share in September and to proceed with a new share buyback program valued up to $1 billion, announced in July. The total shareholde...