HAMBURG (dpa-AFX) - Aurubis AG (AIAGY.PK, AIAGF.PK), a German non-ferrous metals provider, reported Friday that its first-quarter consolidated net income surged to 173 million euros from last year's 76 million euros. Earnings per share were 3.96 euros, up from 1.68 euros last year.
Operating net income was 63 million euros or 1.44 euros per share, compared to 24 million euros or 0.54 euro per share last year.
Aurubis generated IFRS consolidated earnings before taxes or EBT of 226 million euros, compared to previous year's 100 million euros. EBITDA grew 96 percent to 273 million euros.
Operating EBT was 82 million euros, and operating EBITDA was 131 million euros, both higher than last year.
The results were benefited by significantly higher refining charges for copper scrap and other recycling materials compared to the previous year.
Revenues grew 28 percent to 3.46 billion euros from previous year's 2.71 billion euros, driven by higher copper and precious metal prices and increased precious metal sales.
Operating operating return on capital employed or ROCE rose to 9.6 percent from previous year's 7.6 percent.
Looking ahead, the company projects positive outlook on current fiscal year due to high plant availability and good market conditions.
The company recently raised target range for fiscal 2021 operating EBT to 270 million euros to 330 million euros. The main factors behind the increase in the forecast are significantly increased refining charges for recycling materials and high ongoing metal prices.
In fiscal 2020, operating EBT was 221 million euros.
Aurubis now forecasts ROCE of 9 to 12 percent instead of the previous forecast of 8 to 11 percent.
The company further said it is planning to achieve the synergy target of 15 million euros, which had originally been set for fiscal year 2023, in the current fiscal year already and sees additional potential beyond this target.
Copyright RTT News/dpa-AFX