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Glencore reports loss in H1 of 2024

Glencore announced a net loss of usd 233 million in the first half of 2024.

Glencore reports loss in H1 of 2024

Swiss commodities and mining giant Glencore experienced an unexpected financial downturn in the first half of 2024.

The company reported a net loss of USD 233 million, a stark contrast to the USD 4.57 billion profit it achieved during the same period last year. This decline is attributed to fluctuations in global commodity markets and economic uncertainty.

According to Glencore's financial report, the company's revenue increased by 9% y/y reaching USD 17.09 billion. However, this revenue growth was insufficient to maintain profitability. Adjusted earnings before interest and taxes (EBIT) plummeted by a significant 55%, dropping to USD 2.85 billion.

The company's adjusted EBITDA followed a similar trend, decreasing by 33% to USD 6.34 billion. This drop is explained by changes in global energy markets and environmental policies affecting the demand for fossil fuels.

These results highlight the impact of uncertainty in the global economy and evolving energy policies on large corporations. The challenges faced by industry giants like Glencore demonstrate the delicate balance of commodity markets and the direct influence of global economic conditions on corporate performance. In the coming period, it remains to be seen how companies will adapt to these challenging conditions and whether they can develop sustainable growth strategies.

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