May 15, 2020 / 5:25 AM / 18 days ago

Aurubis upbeat on outlook despite coronavirus crisis

HAMBURG (Reuters) - Aurubis AG (NAFG.DE), Europe’s largest copper producer, on Friday posted a fall in quarterly profits but confirmed its earnings forecast for its current financial year despite economic turmoil from the coronavirus crisis.

Operating earnings before taxes (EBT) in the second quarter of its 2019/20 financial year to end March 2020 fell 5% on the year to 60 million euros ($64.82 million), it said.

But Aurubis repeated its previous earnings outlook which was previously announced as full year group 2019/20 operating EBT of between 185 and 250 million euros.

“Despite the increasingly challenging raw material and sales markets, we can confirm our forecast for fiscal year 2019/20 thanks to our very robust business model and strong starting position in particular,” CEO Roland Harings said.

Reporting by Michael Hogan, editing by Riham Alkousaa

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