Glencore annual net profit plunges to $3.4bn

21 February, 2019 12:00 AM printer

ZURICH: Glencore said Wednesday its net profits tumbled 41 percent in 2018, although the mining and commodity trading giant said operating profits rose to a record level and it announced a new $2 billion plan to buy back shares.

Net profit fell to $3.4 billion (3 billion euros), but the Switzerland-based firm said its measure of operating profit — adjusted earnings before interest, tax, depreciation and amortisation costs — rose by 8 percent to a record $15.8 billion, reports AFP.

The firm’s commodity trading business saw its operating earnings fall by 17 percent to $2.4 billion, but mining rose 15 percent to $13.3 billion.

The earnings statement also showed that Glencore’s net debt rose by some $3.5 billion to $14.7 billion.