Glencore profit
- Publishing Date
- 26 Aug 2010 2:41pm GMT
- Author
- Mining Journal
Commodity trader Glencore has reported a 42% increase in profits for the first half of calendar 2010 compared with a year earlier. Revenue was up 55% to US$70 billion leading to net income of US$1.56 billion.
The company’s liquidity position, comprising cash and undrawn facilities, was US$6.5 billion at the end of June, more than double the internal target of US$3 billion.
The company says it has reached agreement on about US$400 million of the previously announced US$1 billion of non-core disposals. The balance is expected to come from the initial public offering of Kazzinc’s gold unit during 2011.
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