HAMBURG (dpa-AFX) - Copper producer Aurubis AG (AIAGY.PK, AIAGF.PK) reported that its operating earnings before taxes or EBT for the first nine months of fiscal year 2017/18 increased about 25% to 264 million euros from the previous year's 211 million euros.
IFRS consolidated earnings before taxes or EBT from continuing operations totaled 313 million euros in the first nine months of 2017/18, compared to 336 million euros in the prior year. Due to the sale of Segment Flat Rolled Products, Aurubis is presenting this segment as discontinued operations in its Quarterly Report First 9 Months 2017/18.
Revenues increased to 8.747 billion euros from the previous year's 8.189 billion euros, due to higher copper prices.
Aurubis expects the successful continued implementation of its internal initiatives and high plant availability in the remaining three months of fiscal year 2017/18. Furthermore, the company does not anticipate any serious changes on the raw material or product markets for the rest of the current fiscal year.
As a result of the positive business development in the first nine months of 2017/18, the Group confirmed its full-year forecast for operating EBT in fiscal year 2017/18, which it increased in its report on the first half of fiscal year 2017/18: The Aurubis Group expects a moderately higher operating EBT compared to the previous year - that is, an increase between 5.1% and 15.0%. The company additionally anticipates an operating ROCE at the prior-year level for the current fiscal year, or a deviation of one percentage point at the most.
Jürgen Schachler, Executive Board Chairman of Aurubis AG, reaffirms the recently increased forecast for FY 2017/18: 'Our 25 % higher earnings are the result of the many small and large measures related to our strategic initiatives; at the same time, we are benefiting from the positive market environment. We therefore expect our operating result for the fiscal year to be at the upper end of our forecast.'
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