Antofagasta Plc, a copper mining company based in Chile, on Thursday reported a 44 percent increase in first half profit, driven by higher copper sales, by-product revenues and lower costs.
The FTSE-100 index company said that in the six months ended June 30, its underlying profit rose to $ 1.31 billion from $ 904.2 million last year. The margin increased by 51.7% since last year.
Revenue rose 19% to $ 2.53 billion, while net cash costs fell 22% to $ 1.19 /lb.
The price of the red metal, which is widely used in electrical components and renewables, has been hit this year by protracted trade uncertainty between Washington and Beijing, threatening copper demand and impairing sales prospects.
The company, which is majority-owned by the Chilean Luksic family, said it will focus on controlling its spending shortly.
The mining company maintained its full-year outlook but said it expects copper production to decline in 2020 to 2018 levels due to lower copper grades at its Centinela mine.
Analysts predicted the company would generate $ 1.29 billion in baseline profit on $ 2.53 billion in revenue in the first half of 2019.
