RE: Consumers are buying the brands21 Feb 2024 08:21
Probably a good time to get out of miners and into the online clothing market..... Companies like boohoo....
Not advice...
Glen have slashed everything while also increasing net dept 66 fold....
LONDON (Reuters) -Glencore said on Wednesday lower commodity prices had halved its earnings last year, and slashed its payout to investors, as the company saves to fund the acquisition of a 77% stake in Teck Resources' metallurgical coal business.
After two consecutive record years, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) halved to $17.1 billion from $34.1 billion a year earlier, in line with analysts' consensus estimates of $17.15 billion.
In preliminary 2023 results, the miner and trader said net debt stood at $4.92 billion at the end of the year, from just $75 million at the end of 2022.
London-listed Glencore's payout of $1.6 billion announced on Wednesday does not include a new buyback scheme, after the existing one ends this month, nor a special dividend, as the company uses its cash to fund the $6.9 billion acquisition of Canadian miner Teck's steelmaking coal unit.