Glencore’s Katanga Has First Quarterly Loss Since 2009 on Power
Katanga, 75 percent owned by the world’s biggest commodities trader, reported a net loss of $916,000 for the three months through June, the Zug, Switzerland-based company said today in a statement. That compares with net income of $43.7 million a year earlier and is its first quarterly loss since the third quarter of 2009.
Power shortages in Congo resulted in about 17 days of lost production in the quarter and 28 days in the first half, Katanga said. It expects disruptions to decrease this half. Glencore is scheduled to report first-half earnings Aug. 21.
Katanga said first-half net income was $16.7 million, down from $85.5 million a year earlier.
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