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Glencore sinks into red on merger writedowns
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Mining giant Glencore Xstrata plunged deep into the red in 2013 with a net loss of US$7.4 billion from a profit of US$1 billion a year ago, after booking massive writedowns related to its merger.
The group said in an earnings statement yesterday that it took a charge of US$7.5 billion during the year to write down goodwill or intangible assets that were now valued at a lower rate than when they changed hands.
The impairment charge also included writedowns at various sites amid the “persistent challenging nickel and aluminum market environments.”
Swiss commodities trader Glencore and mining giant Xstrata merged on May 2, a transaction that propelled it to become one of the world’s biggest players in the commodities market alongside firms like Brazil’s Vale, British-Australian BHP Billiton and British-Australian Rio Tinto.
But just three months after, it booked massive merger writedowns. Revenues for the year, however, rose by 9 percent to US$232.6 billion, the group said in a statement.
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