trending Market Intelligence /marketintelligence/en/news-insights/trending/pqhElM4-PlAcohDUcqJCjQ2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Glencore's H1 earnings down 92% YOY on lower prices, African impairments

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

Mining Exploration Insights: Is the exploration sector back on recovery?

State of the Market: Mining Q2-2019

Glencore's H1 earnings down 92% YOY on lower prices, African impairments

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.