HAMBURG (Reuters) - Aurubis AG (DE:NAFG), Europe's largest copper producer, on Wednesday posted a 42% drop in annual earnings following scheduled maintenance shutdowns at major smelting plants but said it expected stable earnings in the new year.
The company proposed a dividend of 1.25 euros per share for its 2018/19 fiscal year, down from 1.55 euros in the previous year.
Smelter shutdowns for maintenance and modernization coupled with difficulties in the flat-rolled products sector meant operating full-year earnings before taxes (EBT) fell 42% to 192 million euros (165 million pounds), Aurubis said
"Aurubis expects result in new fiscal year at a similar level to the current fiscal year 2019/20,” it said. “The Aurubis group expects operating EBT of between 185 and 250 million euros and an operating ROCE (return on capital employed) of between 8% and 11%."