Investing.com -- London-listed shares in Glencore (LON:GLEN) fell on Wednesday after the Swiss group flagged that a decline in energy and metal prices had contributed to a halving in its full-year earnings.
Annual adjusted earnings before interest, tax, depreciation and amortization at the miner and commodities trader tumbled by 50% to $17.1 billion, according to preliminary results. Chief Executive Officer Gary Nagle commented that the firm faced a "rebalancing and normalization of international energy trade flows."
Net debt at the end of 2023, meanwhile, jumped to $4.9 billion from $75 million in the prior year.
Glencore announced that it would also recommend a cash distribution to shareholders worth around $1.6 billion, down from $7.1 billion in 2022. Nagle said that will be no additional top-up special dividends "at this point," as the firm attempts to guard its reserves to help fund a $6.9 billion takeover of Canadian miner Teck's coal division.