Surging commodity prices powered Glencore PLC to a strong first half of the year as the Swiss-based mining and trading giant continues to recover from a gut-wrenching downturn two years ago that sparked worries about its financial health.
Glencore--one of the world's largest coal, copper and zinc producers--reported Thursday net profit of $2.5 billion in the six months to June 30 compared with a $369 million net loss in the same period a year earlier. Glencore had posted net profit of $1.4 billion in 2016.
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"Amid the best global economic growth momentum seen in recent years, our assets reported strong margins, generated by significantly better commodity prices," Glencore Chief Executive Ivan Glasenberg said in a statement.
Glencore's first-half revenue rose 44% to $100 billion from the same period a year ago, helped by better copper, coal and zinc prices.
Net debt was $13.9 billion, down from $15.5 billion at the end of 2016.
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(END) Dow Jones Newswires
August 10, 2017 02:46 ET (06:46 GMT)