Almost a week after Glencore narrowed its FY2018 trading EBIT guidance, yesterday Trafigura reported somewhat disappointing full-year (September-ending) results. Despite healthy sales of $181bn (+32% yoy), net profit came in at $873m (-1.6%) – the lowest since 2012. While its metals division had a solid year, the energy division – despite 7.5% higher traded volumes – suffered on account of increasing competition and oil market backwardation since October 2017. On a separate
11 Dec 2018
Amid weak trading conditions, can Glencore revive its animal spirits?
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Amid weak trading conditions, can Glencore revive its animal spirits?
Glencore plc (GLEN:LON) | 468 -25.8 (-1.2%) | Mkt Cap: 57,124m
- Published:
11 Dec 2018 -
Author:
Varun Sikka -
Pages:
3
Almost a week after Glencore narrowed its FY2018 trading EBIT guidance, yesterday Trafigura reported somewhat disappointing full-year (September-ending) results. Despite healthy sales of $181bn (+32% yoy), net profit came in at $873m (-1.6%) – the lowest since 2012. While its metals division had a solid year, the energy division – despite 7.5% higher traded volumes – suffered on account of increasing competition and oil market backwardation since October 2017. On a separate