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Aurubis' fiscal Q3 net income declines 15% YOY on smelter shutdown

Germany-based copper recycler Aurubis AG's consolidated net income fell 15% year over year to €60 million in the third quarter of its fiscal year 2017-2018.

The company's operating earnings before taxes, or EBT, fell 16% year over year to €78 million, according to an Aug. 9 release.

The results were affected by a scheduled repair shutdown that cut concentrate processing at the company's Hamburg smelter in Germany.

The company's revenues, however, rose 8% to €2.98 billion in the quarter. Meanwhile, copper concentrate processing in the third quarter fell to 618,000 tonnes, from 634,000 tonnes in the same year-ago period.

In the nine-month period, the company's EBT and consolidated net profit rose 25% on a yearly basis to €264 million and €201 million, respectively. Revenues in the period increased by 7% to 8.75 billion.

Jurgen Schachler, chairman of the executive board, said the company expects its EBT to hit the upper end of its growth forecast of between 5.1% and 15% in its fiscal 2018, compared to the year-ago EBT of €298 million.

The company expects its efficiency measures to yield project success of €200 million by fiscal year 2019-2020.