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Glencore grows and eyes Australian firm

Swiss-based commodities trader Glencore enjoyed continued strong growth in the first half of 2011, according to its mid-year report issued on Thursday.

The report comes the day after the company announced plans to make an off-market takeover offer for Australian nickel producer Minara. Glencore currently holds about 73 per cent of Minara’s shares.

Glencore reported that its net profit had risen 57 per cent to SFr2.45 billion ($3.08 billion); revenues climbed 32 per cent to SFr72.25 billion.

Earnings before interest and taxes (EBIT) increased by half to SFr2.63 billion. The company has benefited in particular from high prices in the energy segment, where it registered a 200 per cent profit. and agencies

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