Glencore Plc swung to a net income attributable to shareholders of US$2.45 billion, or 17 U.S. cents per share, in the first half of the year, from a year-ago loss of US$369 million, or 3 cents apiece, as commodity prices improved year over year.
Revenue for the Switzerland-based mining giant surged to US$100.29 billion in the six months, up from the year-ago revenue of US$69.43 billion, despite lower overall production in the half.
Cost of goods sold increased to US$96.54 billion in the half, from US$68.82 billion a year ago, according to the company's Aug. 10 earnings release.
The half-yearly adjusted EBITDA jumped 68% to US$6.74 billion while adjusted EBIT surged 334% to US$3.80 billion on a yearly basis, mainly on the back of higher commodity prices.
EBITDA for the metals and minerals segment increased 46% year over year to US$4.7 billion. The energy products segment achieved a 157% surge in EBITDA to US$2.18 billion.
The company's marketing segment saw its EBIT rise 13% to US$1.4 billion. Reflecting the year-to-date performance, the company increased the full-year marketing earnings guidance range by US$100 million, to between US$2.4 billion and US$2.7 billion.
Funds from operations surged 88% on a yearly basis to US$5.2 billion.
The diversified miner recognized a US$633 million income tax expense during the first half, compared to an income tax benefit of US$51 million in the year-ago period.
Capital expenditure in the half increased 7% year over year to US$1.68 billion.