International Plc posted a 73-percent decline in net income in
2012 as lower commodity prices outweighed gains in its
The Baar, Switzerland-based
companys net income for the year ended Dec. 31 was $1.15
billion, down sharply from 2011s $4.27 billion, even as
revenues rose 15 percent to about $214.44 billion.
The worlds biggest
commodities supplier said growth in its marketing and
industrial businesses helped to avert a bigger decline.
"The performance of the
marketing business reinforces the strength and resilience of
Glencores business model and the diversification benefits
associated with combining and integrating a portfolio of
industrial assets with large-scale physical sourcing," Glencore
chief executive officer Ivan Glasenberg said.
"Despite the challenging
environment faced by the mining industry, Glencore delivered
organic growth in its industrial businesses, which complemented
a robust performance in its marketing operations," Glasenberg
Xstrata Plc, which is being
purchased by Glencore in a merger that has again been delayed,
posted a 30-percent slump in earnings in 2012 (
amm.com, March 5).
"Completion of the merger
remains conditional upon the receipt of the outstanding
regulatory approval in China and completion of the Xstrata
court process," Glasenberg said.
"Our approach to integration
will be to incorporate the best of both businesses and plans to
this effect are well advanced. The benefits of this process
will accrue to all stakeholders in the combined business," he
"As we look ahead to 2013, we remain focused on ensuring
that we maximize the potential of the expanded Glencore
platform irrespective of prevailing economic conditions," he
A version of this article
was first published by AMM sister publication Metal