Copper producer KAZ Minerals Plc (KAZ.L), formerly Kazakhmys PLC, reported Thursday that its fiscal 2014 loss before tax was $169 million, compared to profit of $138 million.
Loss attributable to equity holders was $2.36 billion, wider than $2.03 billion. Loss per share was $5.28, compared to loss of $3.96.
On an underlying basis, earnings per share were $0.01, compared to $0.37 last year.
Revenues declined to $846 million from $931 million a year ago, as a result of lower metals pricing and metals sales in 2014.
Copper cathode sales volumes of 78.2 kt were below production volumes of 83.5 kt due to movements in finished goods inventory.
EBITDA from continuing operations, excluding special items, was $355 million, compared to $359 million last year, with cost measures offsetting lower revenues.
Looking ahead for 2015, the company expects copper cathode production for East Region and Bozymchak at 80-85 kt.
Oleg Novachuk, CEO said, "We are excited to be entering the final stages of the construction of Bozshakol, the first of our major growth projects, and continuing the development of Aktogay. We anticipate the copper market will return to deficit as we ramp up output from our major growth projects."
Separately, KAZ Minerals announced the appointment of John MacKenzie as an independent non-executive Director with effect from 1 March.
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