LONDON (AP) — Commodities trader and producer Glencore Xstrata says global demand for its raw materials is expected to grow, but that its earnings have been hit by big one-time charges.

The expenses, many associated with Glencore’s takeover of Xstrata, pushed the company to a net loss of $7.4 billion last year, compared with a profit of $1 billion the previous year. Not counting those expenses, profits rose 20 percent to $3.67 billion.