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Aurubis H1 Operating Earnings Before Taxes Down 45%

Copper producer Aurubis AG (AIAGY.PK,AIAGF.PK) reported Wednesday that its operating earnings before taxes or EBT for the first half of fiscal year 2018/19 declined 45 percent to 103 million euros from 186 million euros in the year-ago period.

The company noted that compared to the first half of the previous fiscal year, a lower level throughput, with lower treatment and refining charges at the same time, impacted the result in particular.

Unplanned shutdowns at the Hamburg, Pirdop, and Lünen sites already had a negative impact of about 25 million euros on earnings in the first quarter of the current fiscal year.

The operating return on capital employed or ROCE declined to 9.0 percent from 14.9 percent last year, primarily due to the construction-up of inventories.

Revenues for the period decreased 2 percent to 5.66 billion euros from 5.77 billion euros in the prior-year period, due to lower level average throughput.

IFRS consolidated earnings before taxes or EBT from continuing operations totaled 136 million euros, down 34 percent from 207 million euros in the same period last year.

Aurubis noted that as announced in the release of the preliminary half-year result, the company expects operating EBT for the current fiscal year to decrease more than 15 percent from the prior year. Consequently, the company now also anticipates a significantly lower ROCE compared to the previous year.

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