Southern Copper net profit falls 14 pct in fourth quarter
LIMA Feb 4 (Reuters) - Southern Copper Corp said on Wednesday that quarterly net income fell 14.3 percent as sales slipped on lower metal prices.
The global mining company, controlled by Grupo Mexico , reported fourth-quarter net income of $348 million, or 43 cents per share. The result topped the average analyst estimate of $297 million, according to Thomson Reuters I/B/E/S.
Earnings before interest, taxes, depreciation and amortization slipped 8.7 percent to $664 million in the quarter.
Sales fell 4.2 percent year on year in the quarter as weaker metal prices offset a 9.2 percent rise in copper output.
For full-year 2014, the company recorded $1.33 billion in net income, down 17.6 percent from 2013, and a 9.7 percent increase in its copper production to 676,599 tonnes.
Southern Copper operates mines in Mexico and Peru, where the government approved the environmental study for the $1.2 billion expansion of its Toquepala mine in December.
The company said the expansion and its $1.4 billion proposed mine Tia Maria, also in Peru, should add 220,000 tonnes of copper to its annual production.
Southern Copper has said it will likely produce 758,000 tonnes this year. (Reporting by Mitra Taj; Editing by Jeffrey Benkoe)
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