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Glencore swings to loss as virus impact dents commodity prices

By BFN News | 08:01 AM | Thursday 06 August, 2020

Mining company Glencore swung to a loss in the first half of the year, as the impact of the pandemic commodity prices. For the six months ended 30 June, the company reported a net loss of $2.6bn, compared with a profit of $226m a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell to $4.83bn from $5.58bn. The loss was attributed to impairments of $3.2bn amid falling commodity prices. Marketing adjusted EBIT rose to $2.0bn from $1.0bn. The company lifted its full-year guidance for its marketing business, forecasting adjusted EBIT at the top end of its long-term $2.2-to-3.2bn range. Looking ahead, however, the outlook remained uncertain, the company warned and said it would be 'inappropriate to make a distribution to shareholders in 2020.' Glencore said it was prioritising the acceleration of net debt reduction to within its target range (less than $16bn), currently expected to occur by the end of 2020. At 8:01am: (LON:GLEN) Glencore PLC share price was -7.17p at 189.03p Story provided by

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