Skip to content
Subscriber Only

Glencore Posts $7.7 Billion Writedown as Profit Declines

Glencore Xstrata Plc’s first-half profit slid 39 percent and the world’s biggest exporter of power station coal wrote down the value of assets acquired in the Xstrata Plc takeover three months ago by $7.7 billion.

Adjusted net income fell to $2.04 billion from $3.36 billion a year earlier, Glencore said today in a statement. That compares with the $1.87 billion average estimate of six analysts surveyed by Bloomberg. The Baar, Switzerland-based company reported a net loss of $8.9 billion.