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Glencore scraps $2.6 billion dividend as first-half earnings fall

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Glencore said on Thursday it was scrapping its dividend to focus on lowering debt as the COVID-19 pandemic forced it to book a $3.2 billion impairment charge.

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

The miner and trader, which had expected to pay $2.6 billion in dividends, the economic outlook was too uncertain due to the coronavirus crisis to make the payout. Glencore’s adjusted earnings before interest, taxes, depreciation and amortisation fell 13% to $4.8 billion in the six months to June compared to a year ago, beating the $4.3 billion expected by 14 analysts compiled by Vuma.

 

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