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' estimates.

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 jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

February 16, 2021 02:30 ET (07:30 GMT)

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