Aurubis, the German supplier of non-ferrous metal and recycler of copper, has reported a decline in revenue and adjusted earnings for the first quarter of fiscal 2024. The company attributes these results to lower metal prices and increased legal fees.
In the quarter ended December 31, revenue plummeted by 5% to €3.90 billion ($4.19 billion) compared to the same period in the previous year. After-tax profit saw a slight increase, reaching €58 million compared to €57 million in the prior year.
Operating pretax profit stood at €111 million, down from €125 million in the same period the previous year. This decline was partially offset by lower energy costs but was primarily driven by decreasing metal prices, reduced sulfuric-acid revenue, and costs related to strategic projects.
Aurubis also faced a setback due to escalated legal and consulting expenses as a result of criminal activities directed against the company.
Despite announcing a restructuring of its executive board last month, which will see the early termination of contracts for Chief Executive Roland Harings, Chief Financial Officer Rainer Verhoeven, and Chief Operating Officer for smelting and products Heiko Arnold, the company remains committed to implementing its growth strategy.
For the current fiscal year, Aurubis aims to achieve an operating pretax profit between €380 million and €480 million.