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Glencore delivers lower full-year earnings
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5th March 2013
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JOHANNESBURG ( – Commodities trader Glencore on Tuesday said adjusted earnings before interest and taxes (Ebit) fell 17% on the back of lower year-on-year average prices for the key commodities within its industrial activities market.

Ebit reached $4.5-billion during the 2012 financial year, compared with the $5.4-billion recorded in 2011.

The group’s industrial activities’ contribution to the operating profit fell 33% from $3.5-billion in 2011, to $2.3-billion in the year under review, owing to nickel, coal, zinc and copper prices decreasing by 23%, 24%, 11% and 10% respectively.

“These lower prices impact our own controlled operations, as well as our share of Xstrata's earnings,” said Glencore CEO Ivan Glasenberg.

Glencore’s marketing activities posted an 11% rise in its Ebit contribution to $2.1-billion during the period, up from the $1.9-billion achieved in the prior year.

The commodities trader achieved a 15% increase in revenue, reaching $214.4-billion during the year to December, from the $186-billion reported in 2011.

This was attributed to the 39% higher oil volumes handled, which was partially offset by the weaker average commodity prices.

Basic earnings a share fell to 14c  in 2012, from 72c in 2011.

The company declared a final dividend of 10c a share.

Edited by: Chanel de Bruyn


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Picture by: Reuters