Antofagasta 1st Half Ebitda Falls; Backs Outlook
August 14 2018 - 2:53AM
Dow Jones News
By Carlo Martuscelli
Antofagasta PLC (ANTO.LN) said Tuesday that its first-half
Ebitda fell 16% as production decreased and costs increased, but it
backed its full-year outlook.
The miner said earnings before interest, taxes, depreciation and
amortization for the six months ended June 30 were $904.2 million,
down from $1.08 billion the previous year. The company attributed
the decrease to higher unit-production costs.
Analysts at Jefferies expected the company to report Ebitda of
$1.06 billion for the first half.
First-half copper production fell 8.5% to 317,000 metric tons.
It attributed the decrease to lower grades of ore mined, as well as
a pipeline blockage.
Interim net profit was $194.3 million, down from $290.5 million
a year earlier, on revenue that rose 3.6% to $2.12 billion, as
higher copper prices helped offset lower sales volumes.
The company declared a dividend of 6.8 cents per share for the
period.
Antofagasta backed its full-year outlook, and said it believes a
stronger second half will offset a weaker first half. Copper
production guidance for the full year is at between 705,000 tons
and 740,000 tons at $1.35 a pound.
Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com
(END) Dow Jones Newswires
August 14, 2018 02:38 ET (06:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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