Paranapanema earnings up on stronger Brazilian sales
May 09, 2013 | 09:51 AM
| Carolina Guerra
SÃO PAULO Brazilian copper producer Paranapanema SAs earnings more than doubled year on year in the first quarter of 2013, according to the companys quarterly report.
The company posted net income of 59 million reais ($29.4 million) in the three months ended March 31, an improvement over a net loss of 3.5 million reais in first-quarter 2012. The companys net revenue totaled 1.27 billion reais ($634.4 million), up 38.3 percent year over year.
"The positive results of the fourth quarter of 2012 got stronger, despite the (lower) copper prices," interim chief executive officer Edson Monteiro told AMM sister publication Metal Bulletin.....
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