HAMBURG (Reuters) - Aurubis AG (NAFG.DE), Europe’s largest copper producer, on Thursday posted a 72% fall in quarterly earnings largely due to the poor trading environment and previously-announced difficulties with a major investment project.
Aurubis posted a slump in operating earnings before taxes (EBT) to 22 million euros (20 million pounds) in the third quarter to end-June of its 2018/19 fiscal year, down from 78 million euros the same period last year.
The company had warned in June that the difficult economic environment would reduce earnings while higher than expected costs with its internal investment project Future Complex Metallurgy (FCM) would put an additional strain of about 30 million euros on the third quarter results and strain full year results.
Aurubis on Thursday also repeated its previous forecast that operating EBT for the full year 2018/19 will be “significantly below” the previous year.
Reporting by Michael Hogan; Editing by Michelle Martin