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Glencore profit jumps on oil and grain demand | Glencore profit jumps on oil and grain demand |
(40 minutes later) | |
Commodities trading giant Glencore has reported a sharp rise in profits and revenue thanks to strong demand for grain and oil in particular. | Commodities trading giant Glencore has reported a sharp rise in profits and revenue thanks to strong demand for grain and oil in particular. |
Net profit for the first three months of the year was $1.3bn (£800m), up 47% on the $886m the company made a year earlier. Revenue was up 39% to $44.2bn. | Net profit for the first three months of the year was $1.3bn (£800m), up 47% on the $886m the company made a year earlier. Revenue was up 39% to $44.2bn. |
These are the first results Glencore has published since becoming a publicly-listed company last month. | These are the first results Glencore has published since becoming a publicly-listed company last month. |
The listing was London's largest initial public offering. | The listing was London's largest initial public offering. |
Glencore shares fell 1.8% following the results announcement, and are now trading at 513.8 pence, down from their launch price of 530p. | Glencore shares fell 1.8% following the results announcement, and are now trading at 513.8 pence, down from their launch price of 530p. |
'Healthy demand' | 'Healthy demand' |
The company highlighted the performance of its oil division that saw "substantially improved results". It said both oil and grain sales were well ahead of the first quarter last year. | The company highlighted the performance of its oil division that saw "substantially improved results". It said both oil and grain sales were well ahead of the first quarter last year. |
It also said it benefited from increased volatility and tighter supply in commodity markets. | It also said it benefited from increased volatility and tighter supply in commodity markets. |
The firm said it was "well positioned" for the rest of the year, when demand for commodities and general economic activity would "remain healthy". | The firm said it was "well positioned" for the rest of the year, when demand for commodities and general economic activity would "remain healthy". |
"Our first quarter results show that Glencore continues to deliver a strong return on equity," said the firm's chief executive Ivan Glasenberg. | "Our first quarter results show that Glencore continues to deliver a strong return on equity," said the firm's chief executive Ivan Glasenberg. |
Glencore's directors and employees still hold about 80% of the company, making them extremely wealthy on paper. | Glencore's directors and employees still hold about 80% of the company, making them extremely wealthy on paper. |
Glencore is the world's largest commodities trader, employing about 57,500 people across more than 40 countries. It made a profit of $3.8bn on revenues of $145bn last year. | Glencore is the world's largest commodities trader, employing about 57,500 people across more than 40 countries. It made a profit of $3.8bn on revenues of $145bn last year. |
It trades metals and minerals, as well as energy and agricultural products, and has benefited from the recent growth in demand for commodities, especially from China. | It trades metals and minerals, as well as energy and agricultural products, and has benefited from the recent growth in demand for commodities, especially from China. |