Glencore swings to H1 profit

By AAP

The Switzerland-based, London-listed miner raised its interim dividend to $US0. 06 a share, up 11 per cent, and said it would return more cash to shareholders through a buyback of its own stock worth up to $US1 billion by the end of March next year. "We look to the future with optimism based on our strong starting point and our culture of entrepreneurialism and hard work to leverage tightening commodity fundamentals," said Chief Executive Ivan Glasenberg.

Glencore said earnings before interest and taxes from its non-trading operations rose 6 per cent to $US2. 2 billion in the first half as the group benefited from higher copper output which offset weaker commodity prices and unfavorable movements in exchange rates.

Read more here: Business Spectator

    

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