LONDON (ShareCast) - (Sharecast News) - Glencore said on Tuesday that it swung to a net loss in 2019 as it took a hit from impairments, but results were ahead of expectations.
The miner swung to a net loss of $404m from a profit of $3.41bn in 2018, while adjusted earnings before interest, tax, depreciation and amortisation fell 26% to $11.6bn. Still, they were ahead of analysts' expectations of $11.06bn.

Glencore incurred $2.8bn of impairment charges.

Chief executive officer Ivan Glasenberg said the annual performance reflected "prolonged and uncertain" trade deal negotiations, generally weaker prices for the company's key commodities and some operational challenges experienced at its ramp-up/development assets.

"Looking ahead, in the short-term, we are closely watching coronavirus developments and potential scenario impacts on global growth and markets," he said. "As shown over many cycles, our business has various defensive cashflow characteristics, stemming primarily from marketing activities, but also material exposure to precious metals and infrastructure and expected countercyclical working capital inflows."

In a separate statement, Glencore said it was "well positioned" to support the transition to a lower carbon economy and that carbon emissions from the use of its products were expected to fall by around 30% by 2035.

"We expect the depletion of our coal resource base in Colombia, and to a lesser extent, South Africa and Australia to contribute to this reduction,"" it said. "Our Australian operations are expected to maintain a longer and flatter production profile and will continue to produce high quality coal, which will be required to meet expected levels of global steel production and energy demand in Asia."

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