July 19, 2019 / 7:08 AM / a month ago

Miner Boliden second-quarter profit lags on maintenance shutdowns, lower metal grades

FILE PHOTO: The Boliden company flag flutters next to the mine in Garpenberg, Sweden, September 18, 2017. REUTERS/Ints Kalnins/File Photo

STOCKHOLM (Reuters) - Sweden’s Boliden (BOL.ST) reported a larger than expected drop in quarterly operating profit on Friday as it took a hit from maintenance shutdowns at its smelters and lower metal grades in its mines.

Second-quarter operating earnings fell to 1.54 billion Swedish crowns ($165 million) from 2.47 billion in the year-ago quarter, lagging the 1.88 billion mean analysts’ forecast according to data from Refinitiv.

“Lower grades in several mines together with planned maintenance shutdowns in our Finnish smelters naturally affected earnings,” Boliden chief executive Mikael Staffas said in a statement.

Boliden said maintenance shutdowns in the quarter hit earnings by 315 million crowns, more than earlier announced, and that the impact from shutdowns in the third quarter would be 150 million higher than earlier forecast.

Credit Suisse said in a research note the maintenance shutdowns forecast pointed to ongoing problems.

(This story is refiled to fix day of the week in paragraph 1)

Reporting by Johannes Hellstrom; Editing by Jan Harvey

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below