in reporting lower profit, as economic growth, including in major consumer China, remained lacklustre.
Glencore's adjusted core earnings, or earnings before interest, tax, depreciation and amortisation , fell to $9.39 billion in the six months through June, from $18.92 billion a year earlier. Analysts at Deutsche Bank had expected half-year earnings of $9.9 billion, while Citi's estimate was $11.4 billion.
"As the world moves towards a low-carbon economy, we remain focused on supporting the energy needs of today whilst investing in our transition metals portfolio," CEO Gary Nagle said. The company announced additional returns of around $2.2 billion, lifting total announced shareholder payouts this year to $9.3 billion, and said that its divestment of agricultural business Viterra and subsequent merger with U.S. giant Bunge is expected to close in the middle of 2024.
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