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Glencore's underlying profit falls, lowers debt target

Reuters - UK Focus
The logo of commodities trader Glencore is pictured in front of the company's headquarters in the Swiss town of Baar November 20, 2012. REUTERS/Arnd Wiegmann/Files (Reuters)

LONDON, Aug 24 (Reuters) - Glencore (Frankfurt: 8GC.F - news) reported first-half adjusted underlying profit (EBITDA) down 13 percent at $4 billion, but said it was on track to cut debt through asset sales and set a new target to cut net debt to between $16.5 billion and $17.5 billion this year.

It had said in March that it aimed to cut net debt to $17 billion to $18 billion by the end of 2016.

"We have already largely achieved our asset disposals target of $4-5 billion with a diverse and material pool of asset sales' processes also ongoing," Glencore's Chief Executive Ivan Glasenberg said in a statement on Wednesday.

He said an upturn in commodity markets had helped, but the company remained "mindful that underlying markets continue to be volatile".

(Reporting by Barbara Lewis and Mamidipudi Soumithri; Editing by David Goodman)