Trafigura profit down, volumes up
GENEVA, December 7, 2016 – Multinational commodity traders Trafigura reported a 12% decrease in net profit for the year ended September 30, the company said on Wednesday.
Trafigura announced a profit of USD 975 million, down from a record USD 1.1 billion over the same period in 2015. Gross profit came out at USD 2.29 billion. Revenue remained more or less level at USD 98.1 billion, while earnings before interest, taxes, depreciation, and amortisation settled at USD 1.63 billion, or 13% less compared with last year.
While Trafigura’s financial figures showed a downward trend, the company’s traded volumes were up. Its oil and petroleum products trading division reported an 42% year-on-year increase in the average volumes of crude it handled: 4.3 million bopd. “Conditions remained broadly favourable for trading in the oil market, featuring sustained price volatility and over-supply,” CEO Jeremy Weir said of the results.
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