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Rising commodity prices lift Glencore full-year profit above $4 billion
GENEVA (AP) ' Commodities giant Glencore International PLC says it full-year profit rose 7 percent in 2011 to reach $4.06 billion.
The Swiss-based company benefited from rising prices for key raw materials and steadily growing demand in developing countries.
Glencore reported a profit of $3.8 billion for the full year 2010.
The company said in a statement Monday that income attributable to shareholders reached $4.05 billion last year.
Glencore, which received a $10 billion cash injection with its partial IPO last May, is seeking to merge with Anglo-Swiss mining group Xstrata PLC later this year.