The original article can be found here.
Article highlights:
- Glencore has taken a big profit hit as commodity prices, particularly coal and gas, normalised from elevated levels seen in the wake of Russia’s invasion of Ukraine.
- Headline earnings fell almost 60% to about $4.28 billion (R80.4 billion) in the six months to end-June, with revenue falling 20% to $107.4 billion.
- Against the backdrop of “a normalisation of commodity market imbalances and volatility, primarily across the energy spectrum”, Glencore said its marketing and industrial segments still posted a healthy earnings performance.
