By Scott Patterson

LONDON--Glencore PLC, buoyed by higher commodity prices, swung into the black last year, an eye-popping recovery for the Swiss mining giant that a year ago reported billions in losses.

The U.K.-listed miner on Tuesday reported net income of $1.4 billion for the year ended Dec. 31, 2016, compared with a $4.9 billion net loss the previous year. Revenue rose to $152.9 billion last year from $147.4 billion a year ago, adjusted for discontinued operations.

Glencore's net debt fell to $15.5 billion by year-end from $25.9 billion at the end of 2015, as higher commodity prices, a dividend suspension and $4.7 billion in asset sales took pressure off the Swiss mining giant's balance sheet.

"Glencore's full-year results were better than anticipated," RBC Capital Markets analysts Tyler Broda wrote in a note.

With Glencore's balance sheet in better shape, investors will look for signs of whether its chief executive, Ivan Glasenberg, is looking to do more deals.

Write to Scott Patterson at Scott.patterson@wsj.com

(END) Dow Jones Newswires

February 23, 2017 02:37 ET (07:37 GMT)

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