(RTTNews) - Swiss mining and commodities trader Glencore International Plc (GLEN.L: News ,GLNCY.PK: News ,GLCNF.PK: News ) reported Thursday a surge in first-half profit, driven by significantly higher commodity prices, mainly oil. The company's Board declared a maiden interim dividend of $0.05 per share to be paid on September 30. Glencore, which entered into the London Stock Exchange through a $10 billion IPO in May, said its latest results reflected robust demand conditions for commodities, despite a number of major disruptive events including Japanese tsunami, the socio-political turmoil in the Middle East and North Africa and more recently, the renewed sovereign debt concerns. In the first half, pre-tax income surged to $2.47 billion from $1.85 billion in the prior year. On an after-tax basis, income attributable to equity holders climbed to $2.47 billion from $1.08 billion last year. Earnings per share were $0.53, higher than prior year's $0.29. The latest results included $419 million charges of negative mark-to-market adjustments and expenses related to the listing of the Glencore Group. These were more than offset by the recognition of a $427 million tax credit. Adjusted income, which excluded these items, climbed 57 percent to $2.45 billion, and adjusted basic earnings per share increased 33 percent to $0.56. The company's first-half funds from operations, or FFO, was $2.15 billion, 56 percent higher than $1.37 billion last year, as strong profitability fully translated into robust cash flows. Revenues jumped 32 percent to $92.12 billion from last year's $70.01 billion. The company recorded significantly higher average commodity prices for most of the commodities which it produces and markets, mainly Brent oil, thermal coal, wheat, copper and gold. Glencore's oil business has a relatively high proportion to Group revenue, and the increase in average oil prices was the largest driver of the total revenue growth, the company said. In metals and minerals, marketing revenues rose 9 percent, as growth in alumina/aluminium offset weaker year-on-year results in zinc/copper and ferroalloys/nickel. Total industrial revenues for metals and minerals climbed 38 percent. In energy products segment, marketing revenue grew 34 percent and the increase was 35 percent in industrial revenues. Agricultural products revenues doubled from last year, with substantially higher grain and oil seeds prices. Along with these, operational and capital costs have also remained broadly under control, resulting in higher profitability, the company said.

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