Glencore beats earnings forecast on strong trading performance

Reuters

LONDON (Reuters) - Glencore Xstrata posted forecast-beating core profit in the first set of full annual results since the commodities group was formed, helped by a strong performance of its trading arm offsetting a decline in its mining division.

The diversified trader and miner said its annual adjusted EBITDA - earnings before interest, tax, depreciation and amortisation - totalled $13.1 billion, above a company provided analyst consensus of $12.3 billion.

Glencore, which completed its record-breaking acquisition of miner Xstrata in May, said it had identified cost savings and synergies for $2.4 billion the full benefit of which will be realized in 2014.

The miner and trader said the sale of its large copper mine Las Bambas, in Peru, was still ongoing.

(Reporting by Silvia Antonioli; editing by Stephen Eisenhammer)

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