UPDATE 1-Southern Copper profit falls due to clean-up costs

viernes 24 de abril de 2015 14:51 GYT
 

(Adds sales, output, background)

LIMA, April 24 (Reuters) - Southern Copper Corp on Friday reported a 12.7 percent drop in first-quarter net income, citing costs of cleaning up a copper sulfate spill in Mexico.

The global mining company controlled by Grupo Mexico said first-quarter net income came to $282.4 million, or 35 cents per share.

The result topped the analysts' average estimate of $231.78 million, according to Thomson Reuters I/B/E/S.

Sales fell 5.9 percent because of the global copper price slump. Output of the red metal rose 8.9 percent to 163,168 tonnes, the company said.

Earnings before interest, taxes, depreciation and amortization declined 16.9 percent to $556.1 million.

Southern Copper operates mines in Mexico and Peru, where the miner is on track to expand its Toquepala mine but has faced delays in rolling out its Tia Maria project amid protests.

Southern Copper said this week that it expected its copper output to nearly double to 1.15 million tonnes in 2017 from last year. (Reporting by Mitra Taj; Editing by Ted Botha and Lisa Von Ahn)