Glencore Swings to 2nd Half Profit, Confirms Dividend Resumption
By Jaime Llinares Taboada
Glencore PLC on Tuesday reported a loss for 2020, but said it
swung to profit in the second half of the year and confirmed the
resumption of its dividend in 2021.
The FTSE 100 Anglo-Swiss mining-and-oil company booked a net
loss of $1.90 billion for the whole year, widening from a $404
million loss in 2019. It was worse than a consensus forecast of a
$1.73 billion net loss taken from FactSet and based on 13 analysts'
However, Glencore delivered a net profit of $697 million in the
second half of the year, bouncing back from a $2.60 billion loss in
the first half, as commodity prices improved.
In addition, the group said that it is resuming the dividend by
recommending a distribution of $0.12 in 2021.
Glencore this summer said it wouldn't make any distribution to
shareholders in 2020 in order to prioritize reducing its net debt
below $16 billion. Net debt as at Dec. 31 was $15.84 billion.
Write to Jaime Llinares Taboada at firstname.lastname@example.org;
(END) Dow Jones Newswires
February 16, 2021 02:30 ET (07:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.