Commodity Trader Plans Turnaround After Losing $500 Million
- BTG Bank spinoff lost $474 million in past three years
- Commodities trader ECTP has cut staff and shuttered businesses
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After racking up almost half a billion dollars of losses over three years, the head of Engelhart Commodities Trading Partners says a restructuring has put the firm in a position to make money.
Following an “awful year” in 2017, ECTP exited physical trading of energy and most metals, plus its cotton-trading business, Chief Executive Officer Huw Jenkins said in an interview. Now the trading house spun off from Brazil’s Banco BTG Pactual SA is set to deliver steady profits, he said.