Diversified mining and marketing company Glencore said “extensive efforts” to reposition its balance sheet and propel the company’s industrial asset portfolio improvements over the last two years were reflected in its strong interim financial performance.

The group earlier this month published its financial results for the six months to June 30, with adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) and earnings before interest and taxes (Ebit) up 68% and 334% respectively year-on-year.

Net debt decreased by $1.6-billion to $13.9-billion between December 31, 2016, and June 30.

Earnings per share increased to $0.17 a share from a loss of $0.03 a share in 2016.

CEO Ivan Glasenberg said that, after a number of years of challenging commodity and economic conditions and declining prices, the recovery seen in late 2016 had continued into the first half of this year, which occurred amid the “best growth momentum” in the global economy in recent years.

Reflecting the success of its efforts to reposition the group during the recent economic downturn, adjusted Ebitda increased by about 70% to $6.7-billion during the six months under review, while net profit attributable to equity holders increased to $2.5-billion from a loss in the prior period.

Glasenberg said the turnaround was underpinned by higher prices for most commodities, resulting in margin expansion across Glencore’s key industrial assets and its “highly cash generative” marketing business.

Marketing performed above the implied run rate of the $2.3-billion to $2.6-billion full-year guidance range provided in May.

First-half marketing adjusted Ebit was $1.4-billion, which was up 13% year-on-year, supported by generally supportive market conditions across the board as improving fundamentals created a more supportive marketing environment for the group’s core commodities.