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Glencore reports 23 percent rise in profit

Glencore reports 23 percent rise in profit
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, November 20, 2012. REUTERS/Arnd Wiegmann/File Photo   -   Copyright  Arnd Wiegmann(Reuters)
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LONDON (Reuters) – Mining and trading firm Glencore <GLEN.L> on Wednesday reported adjusted first-half core profits of $8.3 billion (£6.42 billion), up 23 percent from a year earlier and earnings before interest and tax from its trading division up 12 percent at $1.5 billion.

The marketing EBIT was in line with analysts’ forecasts and the overall EBITDA was just below a consensus forecast of $8.5 billion.

CEO Ivan Glasenberg said market conditions were likely to remain volatile and the focus remained on “creating value for shareholders through the disciplined allocation of long-term capital.”

(Reporting by Barbara Lewis; editing by Jason Neely)

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