Glencore scraps $2.6 billion dividend as first-half earnings fall

  • 📰 Reuters
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 97%

United States Headlines News

United States Latest News,United States Headlines

Glencore said on Thursday it was scrapping its dividend to focus on lowering debt as the COVID-19 pandemic forced it to book a $3.2 billion impairment charge.

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

The miner and trader, which had expected to pay $2.6 billion in dividends, the economic outlook was too uncertain due to the coronavirus crisis to make the payout. Glencore’s adjusted earnings before interest, taxes, depreciation and amortisation fell 13% to $4.8 billion in the six months to June compared to a year ago, beating the $4.3 billion expected by 14 analysts compiled by Vuma.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Disney's Theme Park and Cruise Line Division Lost Almost $2 Billion Last QuarterDisney's theme park and cruise line division lost almost $2 billion last quarter, with revenue falling 85% year-over-year. Could not care less. There is no violin small enough for Disney.
Source: PasteMagazine - 🏆 392. / 55 Read more »

ITV First-Half Advertising Drops 21 Percent, Studios Revenue Falls 17 Percent Amid PandemicU.K. TV giant ITV reported a 17 percent revenue drop for the first half of 2020, including a 21 percent ad decline and 17 percent decrease at ITV Studios. CEO McCall said: 'This has been one of the most challenging times in the history of ITV.' Details:
Source: THR - 🏆 411. / 53 Read more »

ITV First-Half Studios Revenue Falls 17 Percent, Advertising Drops 21 Percent Amid PandemicThe U.K. TV giant ITV reports 'materially impacted' results. 'This has been one of the most challenging times in the history of ITV,' says CEO Carolyn McCall, adding: 'We are seeing an upward trajectory.'
Source: THR - 🏆 411. / 53 Read more »

European Coke bottler sees signs of recovery after first-half profits slideSoft drinks bottler Coca Cola HBC AG on Wednesday posted a drop in first-half profit due to coronavirus-led closures of restaurants, cinemas and other public places, while saying sales had recovered some momentum from April lows as lockdowns eased. Oh fantastic, I’m so pleased. No really. Brill. NTWtweets how are you guys getting on? It's summer after all.
Source: Reuters - 🏆 2. / 97 Read more »

Oil giant BP swings to a $17 billion loss and slashes its dividend for the first time in a decade as coronavirus turns the energy sector upside down | Markets InsiderOil giant BP swings to a $17 billion loss and slashes its dividend for the first time in a decade as coronavirus turns the energy sector upside down
Source: BusinessInsider - 🏆 729. / 51 Read more »

BP halves dividend after record loss, speeds up reinventionBP cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company. NO CARBON mcm_ct EASY COME _ EASY GO
Source: Reuters - 🏆 2. / 97 Read more »