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Buenaventura swings to net profit in Q4, FY'17 on improved revenues

Cia. de Minas Buenaventura SAA swung to a net profit of US$8.3 million in the fourth quarter of 2017, from a year-ago net loss of US$405.9 million.

The company also recovered to a net income of US$60.8 million in full-year 2017, reversing a year-ago net loss of US$323.5 million, it said Feb. 27.

Operating profit, meanwhile, slumped 79% to US$5.3 million in the fourth quarter and annual operating profit declined 20% to US$105.5 million on a yearly basis.

The results included a US$21.6 million impairment of long-lived assets at the La Zanja mine and a US$13.6 million adjustment of a component of stripping costs at the El Brocal mine.

EBITDA from direct operations rose 44% year over year to US$116.6 million, with full-year EBITDA up 11% to US$372.2 million.

Revenue climbed 29% year over year to US$370.6 million in the fourth quarter. For 2017, the company posted a 19% jump in its revenue to US$1.27 billion on a yearly basis.

The company also declared that it will distribute a dividend of 3 cents per share.