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Glencore reports 18 percent 2016 core profit rise on commodity rebound
February 23, 2017 / 7:21 AM / 10 months ago

Glencore reports 18 percent 2016 core profit rise on commodity rebound

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)

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