Glencore swings to 8 percent profit gain in first half, announces $1 billion buyback

Commodities and mining group Glencore PLC says it will buy back up to $1 billion of its own shares as profit for the first half of the year rose 8 percent.

The Swiss-based company, which created an industry giant through the merger between Glencore and Xstrata, says the repurchasing of shares will run through the end of March.

In its financial statement released Wednesday, the company says its adjusted net profit was $2.01 billion in the first six months of the year, up from a restated $1.86 billion in the comparable period of 2013.

The global commodity trader and metals producer run by billionaire Ivan Glasenberg reports the profit came from higher production volumes and improved market conditions in grains, copper, zinc and coal.