Glencore Plc posted a sharp decline in operating and net profits at the half-year stage, but sounded an optimistic note on the outlook for shareholder returns.
The natural resource outfit reported a 9% rise in revenues to reach approximately $117.1bn.
Yet adjusted operating profits shrank by a third in EBITDA terms to $6.3bn.
The company also swung to a net loss of $233m from a profit of $4.6bn one year before. That was partly the result of $1.7bn of significant items.
Even so, net debt reduced by $1.3bn to $3.6bn.
Chief executive officer Gary Nagle also noted the annualised free cash flow generation of about $6.1bn during the period.
Nagle said that the free cash flow generation figure "augers well for potential top-up shareholder returns, above our base cash distribution, in February 2025."
-- More to follow --