Nyrstar to cut costs following $127.3M loss
Feb 07, 2013 | 01:25 PM
| Mark Burton
Tags
Nyrstar,
Greg McMillan,
zinc treatment charges,
cost-cutting,
zinc production,
lead production,
Citigroup,
Macquarie Group
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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