LONDON, Feb 23 (Reuters) - 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 energy profits.
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 Susan Thomas)