Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
LONDON (AP) — Commodities trader and producer Glencore Xstrata says global demand for its raw materials is expected to grow, but that its earnings have been hit by big one-time charges.
The expenses, many associated with Glencore's takeover of Xstrata, pushed the company to a net loss of $7.4 billion last year, compared with a profit of $1 billion the previous year. Not counting those expenses, profits rose 20 percent to $3.67 billion.
Chief Executive Ivan Glasenberg says the company sees healthy demand growth in key commodities, "underpinned by the long term trend of urbanization in emerging markets and parts of the developed world returning to trend growth."
He says shareholders are forcing resource companies to reassess their strategies, which "does suggest a more constructive price environment for commodities in the future."
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
