Canada's First Quantum profit drops 42.5 pct on low copper prices

Fri Feb 20, 2015 6:15am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

Feb 20 (Reuters) - Canadian base metal miner First Quantum Minerals Ltd reported a 42.5 percent drop in quarterly profit on Friday as copper prices plunged to five-and-a-half year lows.

Comparative earnings, excluding one-time items, fell to $76.9 million, or 13 cents per share, in the fourth quarter ended Dec. 31, from $133.8 million, or 23 cents, a year earlier.

Revenue for the company, which primarily mines copper but also produces nickel and gold, fell 8.5 percent to $821.2 million. (Reporting by Susan Taylor and Shubhankar Chakravorty; Editing by Joyjeet Das)