Glencore PLC booked a 92% slump in attributable net income to US$226 million, or 2 U.S. cents per share, in the first half mainly driven by lower average year-over-year commodity prices and impairment charges at its African copper and Chad oil portfolios.
Revenue for the period slipped to US$107.10 billion from US$108.55 billion a year earlier, the company said Aug. 7.
Adjusted EBITDA for the half fell 32% to US$5.58 billion, while adjusted EBIT dipped 56% to US$2.23 billion. The trader's marketing adjusted EBITDA decreased 29% to US$1.08 billion.
Adjusted EBITDA for the metals and minerals segment sank 51% to US$2.96 billion, while it grew 11% to US$2.88 billion for the energy products segment.
Own-sourced copper production fell 5% yearly to 663,000 tonnes, and cobalt output surged 28% to 21,300 tonnes.
The company expects to produce about 1.4 million tonnes of copper, 43,000 tonnes of cobalt and just under 1.2 million tonnes of zinc this year.
Glencore recognized a US$677 million income tax expense in the first half, down from US$1.14 billion in the comparable year-ago period. Capital expenditure stood at US$2.51 billion, up from US$2.17 billion in 2018.
The company recently said it will shut down the Mutanda copper-cobalt mine in the Democratic Republic of the Congo at the end of the year due to slumping cobalt prices and rising costs.