LONDON Feb 23 Miner and trader Glencore
reported an 18 percent increase in core profits for
2016 on Thursday and said the company had never been so well
positioned, although an ill-timed coal hedge had eaten into
Earnings before interest, tax, depreciation and amorisation
(EBITDA) were $10.3 billion, up 18 percent after a commodity
price rebound in 2016 boosted income.
Marketing Adjusted EBIT was $2.8 billion, up 14 percent and
above previous guidance of $2.5-$2.7 billion.
The decision to hedge a portion of coal production led to
what Glencore labelled an "opportunity cost" of $980 million.
(Reporting by Barbara Lewis and Sanjeeban Sarkar; editing by