Economic Update – Follow-Up
Glencourt, a leader in the production and marketing of natural resources, declared a pre-tax loss of $998 million for the past financial year, a stark contrast to the $5.4 billion profit reported in the previous year.
The company experienced an increase in other expenses, which rose to $2.1 billion, up from $1.2 billion last year. Additionally, Glencourt faced a loss of $337 million from the disposal of non-circulating assets, a significant decline from an $850 million gain in the prior year.
Net loss for the company reached $1.6 billion, compared to a net income of $4.2 billion in the prior year.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) fell by 16% to $14.3 billion, from $17.1 billion year-on-year.
Cash generated from operations increased to $10.5 billion, indicating an 11% growth from the $9.4 billion recorded in the previous year.
Headquartered in Switzerland, Glencourt also unveiled a share buyback program worth $1 billion, slated for completion by August 6.
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