Thursday, October 23, 2014   

Red ink flows at Glencore Xstrata
(03-04 17:27)

Mining giant Glencore Xstrata plunged deep into the red in 2013, reporting a net loss of US$7.4 billion compared with a profit of US$1 billion a year ago. The miner booke massive writedowns related to its merger.
The group said it took a charge of US$7.5 billion during the year to write down goodwill or intangible assets now valued at a lower rate than when they changed hands.
The impairment charge also included write-downs at various sites amid the “persistent challenging nickel and aluminum market environments.’’
Swiss commodities trader Glencore and mining giant Xstrata merged on May 2, a transaction that propelled it to become one of the world's biggest players in the commodities market alongside firms like Brazil's Vale, British-Australian BHP Billiton and British-Australian Rio Tinto.
But just three months after, it booked massive merger writedowns.
Revenues for the year however, were up by 9 percent to US$232.6 billion, the group said in a statement.—AFP

   
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