Glencore Xstrata has written down assets inherited from Xstrata by $US7.7B, slashing the value of its operations in the early stages of its newly merged development, pushing the June 2013 half adjusted core profit (EBITDA) down 9% on the June 2012 half to $6B.
Net earnings, on the same pro forma basis, came in at just over $2B, down 39% on a year ago on revenue of $121.3B vs $123.5B.
However, the latest pro forma financial information -- the first full set of results since the takeover that created the mining/trading giant in May -- was prepared as if the acquisition of Xstrata and its full consolidation had taken place on Jan 1 2012. On a reported basis, Glencore suffered an attributable June half loss of $8.9B. compared to a $2.2B profit in the June 2012 half. Mining Business Media/Reuters
|GLENCORE TAKES BIGGER THAN EXPECTED $7.7B HIT
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