High Nickel Price Pushes Eramet to H1 Operating Profit

Reuters reported that Eramet SA (EPA:ERA) recorded an operating profit in the first half of 2014. It expects to do even better in the second half of the year, largely due to improved nickel prices.

As quoted in the market news:

Eramet posted first-half current operating income of 14 million euros ($18.77 million), against a loss of 9 million a year ago and beating its own forecast for a result similar to the 36 million euro loss it made in the second half of 2013.

The group’s nickel branch, based in the French Pacific territory of New Caledonia, posted a first-half operating loss of 27 million euros against a 94 million euro loss in the year-earlier period.

‘The Eramet group’s current operating income in the second half of 2014 should be higher than in the first half,’ Chairman and Chief Executive Patrick Buffet said in a results statement. ‘Cash requirements should decrease significantly in the second half of 2014.’

Click here to read the full Reuters report.