Glencore Posts Biggest Profit Drop Since IPO on Metals Slump
- Commodity prices have bottomed, China sales are good: CEO says
- A return to dividends is possible next year, CFO Kalmin says
Why the Worst Might Be Over for Glencore
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By a lot of measures, 2015 was the worst year for Glencore Plc since the mining and trading giant became a public company.
Net income excluding some items plunged 69 percent to $1.34 billion during the year as prices for metals and oil collapsed, the Baar, Switzerland-based company said in a statement Tuesday. While that beat the $1.17-billion estimate from analysts, the firm suffered an adjusted loss in its mining division and plans to sell as much as $5 billion in assets.