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Boliden's Q3'19 net profit rises YOY on higher metal prices

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Boliden's Q3'19 net profit rises YOY on higher metal prices

Boliden AB posted a year-over-year jump in third-quarter net profit to 1.41 billion Swedish kronor, or 5.14 kronor per share, from 1.29 billion kronor, or 4.69 kronor per share, due primarily to higher metal prices, improved zinc treatment charges and a stronger U.S. dollar.

Operating profit for the period rose to 1.87 billion kronor, from 1.77 billion kronor in 2018, while revenue fell to 11.17 billion kronor from 12.51 billion kronor, according to an Oct. 24 news release.

Increases were partially offset by lower volumes due to maintenance shutdowns at the company's copper smelters and a breakdown in the nickel line at its Harjavalta smelter in Finland, which affected earnings by an aggregate 360 million kronor.

Boliden noted that zinc and copper prices in U.S. currency decreased for the period but remained unchanged in terms of Swedish currency, while pricing for lead, nickel and precious metals increased.

Metal-in-concentrate output in the quarter increased 7% year over year for zinc to 75,494 tonnes, decreased 14% for copper to 29,605 tonnes, dropped 44% for nickel to 2,050 tonnes, grew 10% for gold to 2,016 kilograms and fell 10% for silver to 91,376 kilograms.

In the smelters segment, zinc production inched up 1% to 121,920 tonnes, copper output slipped 15% to 75,394 tonnes, lead dipped 5% to 14,006 tonnes and nickel in matte dropped 49% to 3,808 tonnes year over year. Gold and silver production fell 24% and 27%, respectively, to 3,055 kilograms and 96,980 kilograms on an annual basis.

As of Oct. 23, US$1 was equivalent to 9.66 Swedish kronor.