Antofagasta Net Profit Rises; Reaffirms Output Guidance
August 25 2015 - 2:52AM
Dow Jones News
By Alex MacDonald
LONDON--Chilean copper producer Antofagasta PLC (ANTO.LN)
Tuesday reported higher net profit for the first half of the year
following the sale of its water division and reaffirmed its revised
full-year output guidance after a delay in the commissioning of its
Antucoya growth project.
The FTSE 100 miner reported net profit of $706 million for the
first six months of the year compared with $331 million in the same
period a year before. This included $620 million in proceeds from
the sale of its water division in June.
The sale more than offset a 31% drop in revenue to $1.79 billion
due to lower copper prices and volume sales.
The company reaffirmed its plan to produce 665,000 tons of
copper this year, down from an earlier estimate of 695,000
tons.
Antofagasta declared an interim dividend of 3.1 cents per share,
representing a 35% pay-out ratio of the half-year net earnings and
said that its $1 billion purchase of a 50% stake in the Chilean
Zaldivar copper mine is due to close by the end of the year.
Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
August 25, 2015 02:37 ET (06:37 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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