Glencore Plc, one of the world’s leading diversified commodities groups, widened its net loss 2.8 times in the first half of the year, while revenue was virtually flat.
The company reported a net loss of $655 million, or 5 cents per share, in the January-June period, compared with $233 million, or 2 cents per share, in the same period last year, it said.
Adjusted EBITDA fell 14% to $5.43bn, while adjusted EBIT fell 37% to $1.8bn.
Revenue totalled $117.396bn compared to $117.091bn a year earlier.
The deterioration in financial performance was due, in part, to lower coal prices and lower copper production, the report said.
Glencore’s net debt stood at $14.47bn at the end of June, up almost 30% from the end of 2024.
The company said it will retain its original listing on the London Stock Exchange (LSE) as its “transfer to the US would not be helpful to shareholder value at this time”.
Glencore’s stock price is down 4.5 per cent during trading on Wednesday. The company’s market value has fallen nearly 29 per cent over the past 12 months, while the FTSE 100 stock index has gained more than 12 per cent.