Mining and trading multinational’s net profit more than halves after feeble demand from China sends raw materials prices lowerShares in Glencore,the FTSE-100 miner and commodities trader, have slumped to a record low after tumbling prices for coal and metals linked to slowing Chinese demand hit first-half profits.
Glencore closed down just under 10% at 159p, and far below its 2011 float price of 530p,as it revealed a slump in earnings. In the first six months of 2015, adjusted earnings before interest, and tax and other items fell 29% from a year earlier to $4.6bn (£2.9bn) as the price of aluminium,nickel and other raw materials fell. The company’s net income excluding significant items dropped by 56% to $882m. Related: Glencore share collapse reflects anxiety of fresh crisis in a pessimistic market Continue reading...
Source: theguardian.com