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Buenaventura reports net loss for second quarter in a row
April 30, 2014 / 11:21 PM / in 3 years

Buenaventura reports net loss for second quarter in a row

LIMA, April 30 (Reuters) - Peruvian miner Buenaventura said on Wednesday that its net profit plunged 116 percent to -$16.1 million in the first quarter from a year ago, resulting in the company’s second straight quarterly loss.

Lower metal prices dragged sales down 20 percent to $274 million in the first quarter compared to the same period in 2013, and gold output also dropped by a fifth, the company said.

Operating income fell 95 percent to $3.5 million on low revenues while costs jumped 80 percent to $28.8 million, it added.

Buenaventura is the biggest precious metals miner in Peru, which is now the world’s fifth-largest gold producer.

In the first quarter of 2013 the company reported $102.7 in net profits. The loss logged in the first quarter of this year follows the company’s net negative of $288.4 million in the fourth quarter.

In all of 2013, Buenaventura posted a $101.7 million loss, compared to net profits of $703.6 million in 2012.

Reporting by Mitra Taj; Editing by Prudence Crowther

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