Glencore hopeful despite 57% drop in first-half profit

LONDON: Glencore International, the world's largest commodity trader, posted a 57 percent drop in first-half net income yesterday following the slump in commodity prices, but said it has seen a pick up in recent activity.

"There are some encouraging signs of increased levels of business activity which, together with commodity price rises in recent months ... improves margins in the industrial asset division," the privately held group said on its website.

Net income excluding exceptionals dropped to $1.121 billion from $2.634 billion in the same period a year ago, with net income in the second quarter jumping 53 percent from the first quarter, the Swiss-based company said.