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Aurubis posts strong quarterly earnings, optimistic on outlook

By Reuters

HAMBURG (Reuters) – Aurubis AG, Europe’s largest copper producer, on Monday posted strong quarterly earnings and said it remains upbeat about prospects for its current financial year on expectations of high copper demand and prices as economies recover from the COVID-19 pandemic.

Aurubis posted operating earnings before taxes (operating EBT) of 103 million euros ($125.18 million) in the second quarter to end March of its 2020/21 fiscal year, up 72% from the previous year.

Aurubis confirmed its previous forecast of operating EBT of between 270 – 330 million euros for the full current 2020/21 fiscal year from Oct. 1, 2020.

“Aurubis continues to successfully make its way through the coronavirus crisis,” said CEO Roland Harings. “After one year of the pandemic, we can say that its impacts on our result are still minor”

Due to the expectation that high metal prices will continue, Aurubis anticipates a positive effect on its metal result, it said.

(Reporting by Michael Hogan, editing by Riham Alkousaa)