BERLIN – Commodities trader Glencore says its net earnings dropped sharply last year as prices fell and the company took charges related to its holding in Russian aluminum maker UC Rusal.
Glencore on Tuesday reported full-year profit of $1 billion — down 75 per cent from the 2011 figure of $4.05 billion. It said one-time expenses came in at $1.21 billion, up from $511 million the previous year, due largely to impairment costs on its holding in Rusal. The company also booked a $128 million loss on disposal of investments after gaining $9 million the previous year.
Revenue was up 15 per cent, rising to $214.4 billion from $186.2 billion, due primarily to higher oil volumes.
The Swiss-based company supplies raw materials such as oil, copper and wheat and owns plants, warehouses and mines.