Core earnings from producing and trading metals and agricultural products more than doubled last year at Glencore
Glencore made no mention of its potential multi-billion dollar initial public offering (IPO). But it touted a very healthy return on the notional equity employed in its marketing operations, which transport metals, oils and grains around the globe.
By commodity type, the report said adjusted earnings before interest, tax, depreciation and amortization (EBITDA) leapt 108 percent to $3.3 billion in metals and mining, and 101 percent to $766 million in agricultural products. A steady oil price and weak freight markets resulted in a 41-percent drop in its energy segment.
Glencore made a short summary of its results public but did not widely distribute the full annual report. Net profit leapt 40 percent, it said in the shorter release.
(Editing by Sitaraman Shankar)