InCommodities Seeks More Debt After 96% Profit Slump to €2.9 Million
Updated
Updated · Bloomberg · Jun 15
InCommodities Seeks More Debt After 96% Profit Slump to €2.9 Million
1 articles · Updated · Bloomberg · Jun 15
Summary
Danish energy trader InCommodities plans to raise borrowing to fund growth, with Chairman Jesper Johanson saying the company wants more capital for its trading operations.
Earnings before tax fell 96% last year to €2.9 million from €72.5 million as subdued volatility in power and gas markets cut trading opportunities.
The added debt would let InCommodities deploy more capital across its power and gas trading business despite the sharp earnings hit.
Goldman Sachs holds a small minority stake in the company, which is seeking expansion financing even as market calm has squeezed profits.