German copper maker and processor Aurubis AG (NDA.XE) Monday reported an operating loss of EUR21 million in the first quarter of 2011, down from an operating profit of EUR47 million a year earlier, which the company attributed to the two-week shut-down of a smelter in Hamburg and further extraordinary effects amounting to around EUR50 million.

MAIN FACTS:

-Profit before tax fell to EUR135 million, compared to EUR172 million a year earlier.

-High inventory levels and significant metal price increases are the main source of the negative impact on results, Aurubis said.

-Furthermore the effect of metals for which prices are fixed at a later stage, to be valued for accounting purposes at quarter-end, also had a negative impact.

-Aurubis still expect higher earnings for the current fiscal year compared to last year.

-The company will publish a full report for the first quarter on Feb. 9.

 
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

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