Adds element from paragraph 5 HAMBURG, Dec 9 (Reuters) - Au
Adds element from paragraph 5
HAMBURG, Dec 9 (Reuters) – Aurubis AG NAFG.DE, Europe’s largest copper producer, on Wednesday mentioned it was optimistic on earnings for its new monetary 12 months regardless of the financial slowdown brought on by the COVID-19 pandemic.
The corporate mentioned it had come by means of the disaster effectively and reported working earnings earlier than taxes of 221 million euros ($268 million) for its 2019/20 monetary 12 months, up 15% on the 12 months and reaching its forecast of 185 million to 250 million euros.
For the 2020/21 monetary 12 months, which began in October, it forecast working earnings earlier than taxes “in a barely greater goal vary” between 210 million and 270 million euros.
“Supported by business forecasts and present demand on the markets, Aurubis expects world copper demand to extend once more in 2021 following the non permanent decline in 2020,” it mentioned.
Earnings have been positively influenced by considerably greater refining expenses for copper scrap and different recycling supplies, greater metallic features accompanied by elevated treasured metallic costs, and a better focus throughput.
Full-year web revenue after tax rose 21% to 167 million euros. The corporate proposed a 2019/20 dividend of 1.30 euros per share towards the earlier 12 months’s 1.25 euros.
The throughput of recycling supplies elevated considerably, due partially to the inclusion of the newly acquired Belgian/Spanish recycling firm Metallo, it mentioned.
“The combination of Metallo goes utterly in response to plan,” mentioned Aurubis Chief Govt Officer Roland Harings, including that the corporate was assured of exceeding the focused synergy potential of 10 million to 15 million euros within the subsequent three years.
Aurubis mentioned it had suffered “no manufacturing limitations to date” from COVID-19.
Aurubis pushes forward with the deliberate sale of its flat rolled merchandise (FRAP) division. European Union competitors authorities had blocked a plan to promote it to Germany’s Wetland in 2019.
“It’s nonetheless our clear intention to promote FRAP, and we’re in a sophisticated stage of negotiations. Nevertheless, the method has been delayed by the coronaries disaster,” Harings mentioned.
(Reporting by Michael Hogan; Modifying by Riham Alkousaa and Subhranshu Sahu)
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