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Glencore Posts Loss In FY19; Sees 30% Cut In Absolute Scope 3 Emissions By 2035

Glencore Plc (GLCNF.PK,GLNCY.PK,GLEN.L) reported Tuesday that its fiscal 2019 net loss attributable to equity holders was $404 million, compared to last year's profit of $3.41 billion. Loss per share was $0.03, compared to profit of $0.24 a year ago.

The latest results included $2.8 billion of impairment charges.

Funds from operations or FFO declined 32 percent to $7.87 billion from $11.60 billion a year ago.

Adjusted EBITDA declined 26 percent to $11.60 billion. Adjusted EBIT dropped 55 percent to $4.15 billion.

Revenue declined to $215.11 billion from $220.52 billion last year.

Further, the company recommended 2020 base distribution of $0.20 per share, payable in two equal instalments.

Separately, the company updated its performance against position statement and disclosed a Scope 3 emissions projection for its business.

The company said it projects a c.30 percent reduction in Absolute Scope 3 emissions by 2035. This includes natural depletion of oil and coal resource base over time.

Further, the company said it is on track to achieve a near doubling its first GHG reduction target of reducing emissions intensity by at least 5 percent by 2020 compared to a 2016 base line. The company expects to achieve a c.10 percent reduction.

New longer-term Scope 1 and 2 targets that support the Paris goals will be announced during 2020.

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