LONDON: Miner and commodity trader Glencore said on Tuesday that it had taken an impairment charge of $1.1 billion on lower commodity prices, as it posted a 2 percent fall in 2014 core profit, in line with analysts' expectations.
Core adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) totalled $12.8 billion, said Glencore, which differs from its competitors in having a large trading division, in addition to mining and oil assets.
Earnings from its marketing division rose 15 percent to partially offset a fall in profits from its industrial division.
"The performance of our industrial activities inevitably reflected the weaker price environment, particularly in energy products, where price falls were the greatest," the company said in a statement.
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