March 11, 2019 / 4:49 PM / 10 days ago

Commodity trader ECTP plans turnaround - Bloomberg

(Reuters) - Commodity trader Engelhart Commodities Trading Partners (ECTP)said a restructuring has put the firm in a position to make money after half a billion dollars of losses over three years, Bloomberg reported on Monday.

ECTP exited physical trading of energy and most metals, plus its cotton-trading business following an "awful year" in 2017, Chief Executive Officer Huw Jenkins said, according to the report. (bloom.bg/2Uv6YOv)

The firm, founded in 2013, “over-expanded,” creating an infrastructure that was too complex, Bloomberg reported.

The firm has cut its staff by about 30 percent to 500 and shut offices in South Africa, Kenya and Argentina, the report said.

ECTP, formerly known as BTG Pactual Commodities, did not immediately respond to a request for comment on the Bloomberg report.

Reporting by Bhanu Pratap in Bengaluru; Editing by Shounak Dasgupta

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