Nyrstar to cut costs following $127.3M loss
Feb 07, 2013 | 01:25 PM
| Mark Burton
LONDON Nyrstar NV will focus on cutting costs after posting a 95-million ($127.3-million) net loss last year, in contrast to net income of 36 million in 2011, on the back of weaker metal prices and treatment charges (TCs), the company said Feb. 7. Revenue fell 8.3 percent to 3.07 billion ($4.11 billion) from 3.35 billion in the same comparison.
Group underlying earnings before interest, taxes, depreciation and amortization (Ebitda) fell to 220 million ($294.8 million) in 2012, down 17 percent from 265 million the previous year. Contributions from the smelting business fell 42.6 percent to 135 million ($180.9 million) from 235 million following a 15-percent decline in TCs and an 11-percent drop in zinc prices. Profitability also was hurt as silver-bearing materials at Port Pirie, Australia, made a lower contribution to earnings, Nyrstar said. ....
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