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Aurubis posts quarterly profit drop on high power price, optimistic for full year

Aurubis posts quarterly profit drop on high power price, optimistic for full year
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By Reuters
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HAMBURG - Aurubis AG, Europe's largest copper producer, on Monday posted a fall of about 24% in quarterly earnings as high energy prices and inflation burdened despite strong demand.

The company confirmed upbeat earnings estimates for its full financial year.

Aurubis posted operating earnings before taxes (operating EBT) in the first quarter to end-December of its 2022/23 financial year of 125 million euros ($134.95 million) from 164 million in the same year-ago quarter.

But Aurubis confirmed its December forecast of full-year 2022/23 operating EBT of between 400 million and 500 million euros, despite the general economic slowdown and the pressure from rising energy prices.

Aurubis CEO Roland Harings said he said the results were “respectable” in view of pressures from increased costs and expected full-year earnings to be in the upper end of the forecast range.

($1 = 0.9263 euros)

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