Glencore sees net profit decline 7 percent in 2014 as lower commodity prices prompt charges

MarketsAssociated Press

Glencore PLC says its net earnings declined 7 percent last year as the commodities and mining group took charges of $1.1 billion stemming in part from lower commodity prices.

Swiss-based Glencore said Tuesday that net profit last year was $2.31 billion, compared with $2.47 billion in 2013. Revenues slipped to $221.1 billion from $232.7 billion.

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Glencore reported impairment charges totaling $1.1 billion. That included charges on the value of iron ore operations in Mauritania and Congo in the light of falling iron ore prices, and on the value of the company's South African platinum operations.

Glencore said in a statement that while future economic setbacks remain possible and there's "no shortage of bearishness toward commodities in financial markets, physical demand for our raw materials remains healthy."