Glencore profits jump 40%

3rd March 2011, Comments 0 comments

Swiss commodities giant Glencore posted Thursday a 40.7 percent jump in 2010 net profit to $3.8 billion (2.7 billion euros), reflecting strong demand for metals and minerals.

Revenues were up 36.3 percent at $145 billion, it said in a statement.

"Glencore reported a strong performance in 2010, mainly reflecting an improved commodity environment for metals and minerals," it said.

The two commodities segments "benefited from stronger metals prices and improving market sentiment in important end-user industries such as automotive and construction."

The hydrocarbons market meanwhile contributed less to growth than in 2009.

"Oil commodity marketing was subdued in an unusually stable price environment characterised by surplus refinery capacity and a weak freight market," it said.

The group, which held $79.8 billion worth of assets at the end of 2010, did not divulge any information about plans for any stock market listing.

Recent press reports have suggested the company was planning a share listing in both London and Hong Kong exchanges, with a quarter of Glencore said to be worth $12 billion.

The Swiss group was in discussions with Qatari investors on the issue, the Financial Times reported Monday.

When contacted by AFP, Glencore declined to comment on the issue.

© 2011 AFP

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