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Nyrstar Posts Better-than-Expected H1 Profit on High Zinc Prices
Jul. 24, 2014 04:13PM PST
Base Metals Investing
Reuters reported that higher zinc prices led Nyrstar NV (EBR:NYR) to post a much higher profit than expected during the first half of 2014.
Reuters reported that higher zinc prices led Nyrstar NV (EBR:NYR) to post a much higher profit than expected during the first half of 2014. That’s good news given that the company’s goals include improving the profitability of its mining division.
As quoted in the market news:
The company’s core profit (EBITDA) rose 26 percent from a year earlier to 110 million euros ($147.9 million), well above the average analyst expectation of 95.8 million euros.
Nyrstar, whose shares have risen by a third since the start of the month on the back of increasing zinc prices, said that it had achieved 22 million euros of its end of 2014 cost savings target of 75 million euros.
Three-month forward zinc prices are hovering around three-year highs and have risen by 15 percent since the start of June.