Commodities giant Glencore posts 57% jump in first half net

25th August 2011, Comments 0 comments

Swiss-based commodities giant Glencore said Thursday its first half net income jumped 57 percent to $2.45 billion (1.7 billion euros), boosted by strong metal prices.

"Underlying demand conditions for commodities remained generally robust during the period, despite a number of major disruptive events," said Ivan Glasenberg, chief executive officer of the group.

"We remain optimistic about long term global economic prospects, and that the trends that underpin the growth of Glencores business are firmly in place," he added.

China and India would "continue to underpin the growth in global trade," he assessed.

And while the sovereign debt crisis is of concern, Glasenberg said the group will look to minimising its adverse impact as well as "remaining alert to the potential opportunities that such an environment uncovers in our end markets."

Revenues for the six months ending June meanwhile reached $92.1 billion, up 32 percent from a year ago.

Glencore attributed this to "significantly higher average commodity prices for most of the commodities which Glencore produces and markets."

Average prices for Brent oil had soared 42 percent, thermal coal by 39 percent, wheat by 38 percent, copper by 32 percent and gold 26 percent, said the group.

© 2011 AFP

0 Comments To This Article