Glencore Plc Reports Widening Net Loss in First Half of the Year
Glencore Plc. (GLCNF.PK), a leading commodity trading and mining firm, announced a widening net loss for the first half of the year, even as revenues saw a marginal increase.
Financial Highlights
During this period, net loss attributable to shareholders reached $0.66 billion, significantly higher than last year's $0.23 billion deficit. The basic loss per share was $0.05, compared to $0.02 in the previous year.
Adjusted net income amounted to $0.55 billion, translating to $0.05 per share, down from $1.46 billion or $0.12 per share last year.
The company's adjusted EBITDA fell 14%, totaling $5.43 billion, down from $6.34 billion a year earlier. This decline was mainly due to weaker thermal and steelmaking coal prices and reduced copper production volumes.
Revenues and Shareholder Returns
Revenues edged up slightly to $117.396 billion from $117.091 billion in the prior year.
Glencore also announced plans to pay the second installment of its $0.05 per share base dividend in September and to proceed with a new share repurchase program valued up to $1 billion, as disc...