LONDON Aug 20 Glencore Xstrata wrote
down the value of assets inherited from miner Xstrata by $7.7
billion, as it announced a 9 percent drop in core profit in the
first set of full results since the commodities group was
Glencore said its half-year adjusted core profit - earnings
before interest, tax, depreciation and amortisation - totalled
$6 billion, at the higher end of analyst estimates, compared to
a pro forma $6.6 billion a year ago.
Glencore, which completed its record-breaking acquisition of
miner Xstrata in May, said progress on the integration of the
group was exceeding expectations, with achievable cost savings
and synergies likely to be "materially in excess" of previous
guidance of $500 million per year.