Aurubis sees income growth in its first quarter

Germany-based copper producer Aurubis AG says it experienced increased revenue and net income in the first quarter of its 2020/2021 fiscal year compared with year-ago results. The company’s fiscal year starts Oct. 1, with its most recent first quarter ending Dec. 31, 2020.

In a presentation to analysts on its 2020/2021 fiscal year’s first quarter, Aurubis has reported a 28 percent revenue increase compared with the year-ago quarter thanks in part to the Metallo acquisition, which was finalized in July 2020. The company’s gross profit increased by a similar 27 percent, rising from 263 million euros ($316 million) in the 2019/2020 fiscal year first quarter to 334 million euros ($402 million) in the recently completed quarter.

The company’s net income rose from 24 million euros ($29 million) to 63 million euros ($76 million) between the two year-to-year time frames.

Aurubis, in its presentation slides, referred to the Metallo acquisition by saying the “integration process of Metallo proceeded well,” and that “synergies” of 15 million euros ($18 million) are expected to accrue to earnings before interest, taxes, depreciation and amortization (EBITDA) results over the course of the 2020/2021 fiscal year.

The company also points to the Metallo acquisition as part of its “growth focus in the processing of recycled materials.” That focus may also include a “footprint expansion into new secondary/recycling markets and material groups,” possibly including “selected precious and minor metals.”

Aurubis operates several facilities that melt scrap in Europe and one in Buffalo, New York, in the United States.