Glencore scraps $2.6 billion dividend as first-half earnings fall

Credit: REUTERS/Arnd Wiegmann

Glencore said on Thursday it was scrapping its $2.6 billion dividend due to the uncertain financial outlook caused by the COVID-19 pandemic and would instead prioritise lowering debt.

LONDON, Aug 6 (Reuters) - Glencore GLEN.L said on Thursday it was scrapping its $2.6 billion dividend due to the uncertain financial outlook caused by the COVID-19 pandemic and would instead prioritise lowering debt.

Glencore's adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 13% to $4.8 billion in the six months to June compared to a year ago, beating the $4.3 billion expected by 14 analysts compiled by Vuma.

(Reporting by Zandi Shabalala and Julia Payne; Editing by Edmund Blair)

((zandi.shabalala@tr.com))

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