Glen­core posts rise in prof­its

Irish Independent - Business Week - - Front Page -

GLEN­CORE has posted a rise in earn­ings for the half-year, but re­mained tight-lipped on an on­go­ing money-laun­der­ing probe by the US Depart­ment of Jus­tice.

The min­ing gi­ant – headed by CEO Ivan Glasen­berg, pic­tured – said its ad­justed earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­sa­tion rose 23pc to $8.3bn in the first half (€7.16), up from $6.7bn dur­ing the same pe­riod last year. How­ever this was lower than the $8.5bn an­a­lysts were ex­pect­ing.

Glen­core, which is in­volved in an anti-money laun­der­ing probe by the US Depart­ment of Jus­tice (DOJ), said mar­ket con­di­tions would “re­main volatile”.

Liberum an­a­lyst Ben Davis said this was due to the tim­ing of cop­per ship­ments, which de­layed sales to the se­cond half.

“There was no in­crease in the an­nounced $1bn buy­back pro­gramme, which we thought to be pos­si­ble given the con­tin­ued weak­ness in the shares, or any up­date on the DOJ in­ves­ti­ga­tion, “said Mr Davis. “Pro­duc­tion is weighted to the se­cond half, but we ex­pect con­tin­ued weak­ness in earn­ings mo­men­tum as China de­mand slows with the real es­tate sec­tor.” (PA)

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