Aurubis AG (AIAGY.PK), a provider of nonferrous metals and a copper recycler, Thursday reported earnings before tax or EBT of 339 million euros for the first quarter, significantly higher than 72 million euros in the same quarter a year ago, primarily helped by growth in revenue as well as improved changes in inventories of finished goods and work in process.
Changes in inventories of finished goods and work in process were 417 million euros for the latest quarter, up from last year's 279 million euros.
Excluding one-time items, operating EBT increased 17 percent to 130 million euros from 111 million euros last year.
Net income rose to 256 million euros or 5.87 euros per share from 58 million euros or 1.33 euros per share in the prior year.
Operating net income increased 10 percent to 99 million euros or 2.26 euros per share from 89 million euros or 2.05 per share last year.
Operating EBITDA, or Operating earnings before interest, taxes, depreciation, and amortization rose to 184 million euros from 160 million euros a year ago.
Revenue for the quarter grew 8 percent to 4.215 billion euros from 3.896 billion euros in the previous year.
For the full year, the company expects operating EBT to be in the range of 300 million euros - 400 million euros.
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