Glencore Reports A 50% First-Half Profit Drop As Commodity Market Stabilises
Glencore Plc revealed a significant drop in its first-half profit, attributed to diminished Chinese demand impacting commodity prices and a stabilised commodity market. The company’s core earnings for the first half amounted to $9.4 billion, a 50% reduction from the previous year’s high due to the market volatility from Russia’s invasion of Ukraine. Glencore’s commodity trading division has also taken a hit, with earnings down by 52% year-on-year to $1.8 billion. CEO Gary Nagle stated that 2023 marked a return to the typical energy trade patterns. Glencore’s shares have also dropped by 3.7% in London.
Source: https://www.mining.com/web/glencore-half-year-profit-drops-50-as-commodity-prices-ease/
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