Trading cushions commodities firm Glencore's 25% '12 income decrease
ReutersLONDON--Commodities trader Glencore, just over a month away from completing its takeover of miner Xstrata, posted a 25-percent drop in 2012 net income, with its trading division helping to cushion the impact of lower prices.
March 6, 2013, 12:34 am TWN
That drop was smaller than most of Glencore's diversified mining peers, which have recorded some of the sharpest falls in profit in a decade.
Including an impairment related to a reclassification of its holding in Russian aluminum producer RUSAL after losses in 2012, Glencore's net income fell 75 percent.
Xstrata, reporting separately from Glencore for what should be the last time before the two complete a record tie-up, wrote down the value of nickel, zinc and platinum assets, dragging its net profit almost 80-percent lower. Excluding the writedown, its profit dropped a smaller-than-expected 37-percent drop.