BRUSSELS (dpa-AFX) - Glencore PLC (GLCNF.PK), a Swiss commodity trading and mining company, Wednesday reported a loss before tax of $370 million for the first half compared with profit before tax of $5.999 billion in the same period a year ago, primarily hurt by loss on disposals, impairments, and other expenses.
The company had a loss on disposals of non-current assets of $353 million compared with gain of $679 million last year; impairment losses of of $1.013 billion, compared with $56 million loss; and other expense of $640 million, higher than $274 million. Interest expense also increased to $1.412 billion from $1.16 billion a year ago.
Glencore posted a net loss of $233 million or $0.02 per share for the 6-month period, compared with net income of $4.568 billion or $0.36 per share last year.
Excluding one-time items, the company reported headline earnings of $552 million or $0.05 per share, down from $4.283 billion or $0.34 per share a year ago.
Adjusted EBITDA or earnings before interest, taxes, depreciation, and amortization of $6.3 billion was 33 percent below the comparable prior year period, impacted by lower average prices for many of the company's key commodities.
Funds from operations or FFO was $3.333 billion, down from $3.524 billion last year. Adjusted FFO, however, increased to $4.037 billion from $3.712 billion a year ago.
Revenue for the period grew 9 percent to $117.091 billion from $107.415 billion in the previous year.
'Operationally, as anticipated, 2024 is expected to be a year of two halves for Glencore. The most material H2 over H1 expected production increase is due to the addition of EVR, adding 12Mt to lift full year steelmaking coal guidance to 19-21Mt in 2024, compared to 3.4Mt in H1 2024. Copper, zinc and nickel volumes are expected to recover in the second half with higher planned production at African Copper, Antapaccay, and Murrin Murrin,' commented Gary Nagle, Chief Executive Officer.
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