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Glencore: stock down on interim results

( - Glencore shares are down 3% in London today, after the announcement of EPS that slumped 61% to $0.
36 for H1 2023, as well as EBITDA that was halved to $9.4bn, on revenues that fell 20% to $107.4bn.

Adjusted EBITDA from industrial assets, which was down 51% at $7.4bn, was mainly affected by low prices - particularly in coal, as well as the impact of cost inflation across its asset base.

The mining and commodities trading giant nevertheless announced its intention to distribute around $2.2bn to its shareholders, bringing its total planned payout for this year to around $9.3bn.

This additional payout will be made up of a one-off cash distribution of around $1bn (or $0.08 per share) and a share buyback program of $1.2bn, scheduled to run until February 2024.

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