Glencore Posts Steep Profit Fall as Energy Crisis Fades [Financial Post (Toronto, Ontario, Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Financial Post
Author of the article: (Bloomberg) — Glencore Plc reported a steep drop in profits and lowered its dividend after markets retreated from the price spikes and wild swings that drove blockbuster earnings in the aftermath of Russia's invasion of Ukraine. Glencore reported core earnings of $17.1 billion, about half the record number it posted a year ago, though still one of its best-ever performances. The commodity trader and miner saw profits soar in 2022 as Russia's invasion of Ukraine sent energy prices to records and dislocated global trade flows, but many of those pressures have now eased. Article content Article content The company's sprawling commodity trading business also reported a sharp drop in earnings as the volatility that its traders thrive on began to fade. The unit earned $3.5 billion last year, almost half the record $6.4 billion in 2022 but still its third-biggest profit. Glencore lowered its dividend to $1.6 billion, in line with its payout policy, and for
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