24th Feb 2016 16:10
LONDON (Alliance News) - First Quantum Minerals Ltd on Wednesday reported lower gross profit and revenue in the fourth quarter and full year 2015.
The mining and metals company said sales revenue in the three months ended December 31 fell to USD765 million from USD821 million in the same period the year before, as sales revenue for the full year decreased to USD2.69 billion from USD3.54 billion in 2014.
Gross profit in the quarter declined to USD110 million from USD183 million, and dropped hugely in the full year to USD293 million from USD998 million.
First Quantum said it faced low commodity prices and a delay in energising the required second power line at the Sentinel copper project in Zambia, but it has been working to strengthen its balance sheet and reduce costs in order to improve profitability.
"Our plan to strengthen the balance sheet was progressed with the advancement of a number of strategic initiatives, which are expected to be finalised at various times over the next several months," Chairman and Chief Executive Philip Pascall said in a statement.
Shares in First Quantum were trading down 7.9% at 212.10 pence on Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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