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Trading cushions Glencore's 2012 profit decline in lead up to takeover of Xstrata

Reuters
March 7, 2013, 12:48 am TWN

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LONDON -- A rise in profits from trading helped Glencore offset lower prices in 2012, with net income down by a quarter as the commodities group prepares to seal a US$34 billion takeover of miner Xstrata.

The headline drop, modest relative to a bruised sector, was a vindication for former trader and Glencore boss Ivan Glasenberg, who has long extolled the marketing arm's ability to grow in tough conditions. Trading growth, though, came largely from agricultural products, rather than mainstays coal and oil.

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