Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Glencore profit slides on lower prices

Share this article

09:59 CEST+02:00
Swiss commodities giant Glencore said on Tuesday its net profit slipped 8.0 percent in the first half of this year to $2.27 billion although sales rose by 17 percent to $108 billion.

The company said increased volumes helped compensate for the drop in commodities prices due to dampened global growth outlook and an aggravation in the eurozone debt crisis hitting sentiment.

"Against the backdrop of this challenging economic environment, which saw most commodity prices down over 15% period-on-period, we are pleased to report that Glencore has continued to deliver a healthy financial performance..." chief executive Ivan Glasenberg said in the earnings statement.

However he added: "Looking forward, we neither anticipate nor assume any material improvement in overall market or economic conditions in the near term."

Glencore announced in February plans to merge with Swiss mining firm Xstrata, creating a $90 billion powerhouse in the commodities industry.

Shareholders meetings to approve the merger have been delayed by disagreement over the terms.

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university where students tackle real-world problems

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement