February 23, 2017 / 7:46 AM / 5 months ago

BRIEF-Glencore reports 18 percent 2016 core profit rise on commodity rebound

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Feb 23 (Reuters) - Glencore Plc:

* FY adjusted ebitda of $10.3 billion, up 18 pct; adjusted EBIT of $3.9 billion, up 81 pct

* FY pre-significant items basic earnings per share 14 cents

* Significant reductions in copper and zinc cost structure expected to be sustained into 2017

* Available committed liquidity of $16.7 billion at 2016 end

* Net funding by $14.7 billion over past eighteen months and generated more than $1.3 billion in cost savings at our industrial assets in 2016.

* Despite an uncertain start to 2016, commodities finally started reversing five years of underperformance compared to other asset classes

* FY marketing adjusted EBIT of $2.8 billion, up 14 pct, supported by improved demand conditions

* At the end of 2016, net funding and net debt of $32.6 billion and $15.5 billion respectively

* FY energy products adjusted EBITDA of $2,462 million was 20% down on 2015

* FY revenue $152.95 billion versus $147.35 billion last year Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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