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.
Glencore executives struck an upbeat note on a call with reporters after the results, with Chief Executive Officer Ivan Glasenberg saying commodity prices have bottomed and sales into China are “pretty good.” While the company’s priority remains reducing its $25.9 billion debt load, a return to dividends is possible next year, Chief Financial Officer Steve Kalmin said.
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