Glencore Plc. (GLCNF.PK), a commodity trading and mining company, reported Wednesday wider net loss in the first half, despite slightly higher revenues.
In the first half, net loss attributable to equity holders was $0.66 billion, wider than last year's loss of $0.23 billion. Basic loss per share was $0.05, compared to loss of $0.02 a year ago.
Adjusted net income was $0.55 billion or $0.05 per share, compared to $1.46 billion or $0.12 per share last year.
Adjusted EBITDA declined 14 percent to $5.43 billion from $6.34 billion a year ago, primarily reflecting weaker coal (thermal and steelmaking) prices and lower copper volumes.
Revenue was at $117.396 billion, compared to $117.091 billion a year ago.
The company further said that it will be paying the second tranche of its base dividend of $0.05 per share in September and incorporating the new up to $1 billion share buyback communicated in July. The total announced 2025 shareholder returns increases to $3.2 billion.
Looking ahead, Glencore's Chief Executive Officer, Gary Nagle, said, "While there is much uncertainty around the impacts of geopolitics and trade in the shorter-term, we remain of the view that, in certain commodities, the scale and pace of required resource development will struggle to meet the demand projections for such materials into the future. We are well placed to participate in bridging this gap, through the flexibility embedded in both our Marketing and Industrial businesses to respond to global needs."
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