Edition:
United States

Antofagasta posts H1 PBT of $689.1 mln vs $276.5 mln a year ago


Tuesday, 22 Aug 2017 02:00am EDT 

Aug 22 (Reuters) - Antofagasta Plc :H1 REVENUE 41.9% HIGHER AT $2,049 MILLION, AS REALISED COPPER PRICES INCREASED BY 25.3% AND SALES VOLUMES INCREASED BY 14.3%.H1 EBITDA INCREASED 87.8% TO $1,079.8 MILLION MAINLY DUE TO HIGHER REVENUES.SAYS ‍UNIT COSTS FOR FULL YEAR ARE UNCHANGED​.H1 PROFIT BEFORE TAX $689.1 MILLION VERSUS $276.5 MILLION A YEAR AGO.H1 EBITDA MARGIN TO 52.7%, UP FROM 39.8% IN SAME PERIOD LAST YEAR AND 44.9% FOR FULL YEAR 2016.H1 CAPITAL EXPENDITURE OF $410.0 MILLION, 46% OF FULL YEAR GUIDANCE.H1 EPS OF 29.5 CENTS.AT JUNE 30, GROUP NET DEBT REDUCED BY $212.1 MILLION TO $859.6 MILLION.INTERIM DIVIDEND OF 10.3 CENTS PER SHARE.CAPITAL EXPENDITURE GUIDANCE FOR FULL YEAR UNCHANGED AT $900 MILLION.SAYS ‍PRODUCTION FOR YEAR IS EXPECTED TO BE HIGHER IN SECOND HALF OF YEAR WITH ENCUENTRO OXIDES PROJECT COMING INTO OPERATION.IN H1 OPERATING COST REDUCTIONS OF $44 MILLION ACHIEVED CONTRIBUTING TO SAVINGS OF $0.06/LB IN CASH COSTS DURING CURRENT PERIOD.ON TRACK TO ACHIEVE SAVINGS TARGET OF $140 MILLION DURING 2017 WITH A MAJORITY OF COST SAVINGS EXPECTED DURING SECOND HALF OF YEAR.MID TO LONGER TERM ‍OUTLOOK CONTINUES TO BE FAVOURABLE AS DEMAND IS EXPECTED TO GROW AT AROUND 2% WHILE SUPPLY GROWTH REMAINS CONSTRAINED​.SAYS ‍IN SHORTER TERM, MARKET IS MOVING TO A TIGHTER DEMAND-SUPPLY POSITION WITH A SMALL DEFICIT EXPECTED THIS YEAR AND NEXT​.