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Glencore reports flat earnings on pandemic impact; to resume dividends
StockMarketWire.com
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Mining giant Glencore confirmed that it would resume dividend payments in 2021 after reporting annual core earnings were flat year-on-year on low commodity prices and impact of the pandemic.
For the year ended 31 December, adjusted earnings before interest taxes, depreciation and amortisation, or EBITDA, fell to $11.56 billion from $11.6 billion as revenue fell 34% to $142.34 billion.
The company reported a wider net loss attributable to equity holders of $1.9 billion, compared with a loss of $404 million in 2019.
'The H1 2020 reported results were heavily impacted by the low commodity prices and challenging early pandemic environment ... H2 2020 delivered a net profit of $697 million as economies began to recover from the earlier severe Covid related lockdowns and uncertainty and commodity prices rebounded,' the company said.
In the year through December, copper and cobalt production fell 8% and 41%, respectively.
Lead, nickel, ferrochrome coal and oil production fell 7%, 9%, 28%, 24%, and 29% respectively, while zinc, gold and silver production were higher.
Looking ahead, the company proposed to return $0.12 per share to shareholders, payable in two equal instalments in 2021.
The company also confirmed chief executive Ivan Glasenberg would be stepping down in the first half of 2021.
Story provided by StockMarketWire.com
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