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June 28, 2017

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Glencore Xstrata posts US$7.4 billion net loss for 2013

ZURICH -- Mining giant Glencore Xstrata plunged deep into the red in 2013 with a net loss of US$7.4 billion (5.3 billion euros) from a profit of US$1 billion a year ago, after booking massive write-downs related to its merger.

The group said in an earnings statement Tuesday it took a charge of US$7.5 billion during the year to write down goodwill or intangible assets that were now valued at a lower rate than when they changed hands.

The impairment charge also included write-downs at various sites amid the "persistent challenging nickel and aluminum market environments."

Swiss commodities trader Glencore and mining giant Xstrata merged on May 2, a transaction that propelled it to become one of the world's biggest players in the commodities market alongside firms like Brazil's Vale, British-Australian BHP Billiton and British-Australian Rio Tinto.

But just three months after, it booked massive merger write-downs.

Revenues for the year however, rose by 9 percent to US$232.6 billion, the group said in a statement.

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