HAMBURG (dpa-AFX) - German copper maker and recycler Aurubis AG (AIAGY.PK) Wednesday reported higher earnings for the first quarter, following a strong performance of smelter network and considerably higher revenues from sulfuric acid sales. In addition, owing to firm market cues and a rise in metal prices, the company has raised its guidance for current fiscal-2021-22.
According to the preliminary figures, the company's operating earnings before taxes (EBT) was at 152 million euros for the first quarter, higher than 82 million euros reported for the same period last year. On IFRS basis, consolidated earnings before taxes was at 405 million euros, as per preliminary calculations, compared to last year's 226 million euros.
For the current fiscal, Aurubis has raised its guidance for operating EBT to 400 million - 500 million euros from its previous forecast range of 320 million - 380 million euros.
Aurubis CEO Roland Harings, commented: 'In the first quarter of its current fiscal year, too, Aurubis demonstrated a very good operating performance at the sites of its smelter network. On top of that, we achieved considerably higher revenues from sulfuric acid sales and an improved metal gain, especially for the industrial metals copper, tin, nickel, and zinc - with increased metal prices. In the meantime, we're the leading European recycler of tin.'
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