Autor: Paciente
Data: 29-10-2003 02:08
Compania de Minas Buenaventura Announces Third Quarter and Nine-Month 2003 Results
LIMA, Peru, Oct 28, 2003 /PRNewswire-FirstCall via COMTEX/ -- Compania de Minas Buenaventura S.A.A. (NYSE: BVN) (Lima Stock Exchange: BUE.LM) ("Buenaventura" or "the Company"), Peru's largest publicly-traded precious metals mining company, announced today its results for the third quarter and first nine- month period ended September 30, 2003. All figures have been prepared in Peruvian GAAP and are stated in Peruvian nuevos soles (S/.) and in U.S. dollars (US$) at a rate of S/. 3.483 per US$1, for the convenience of the reader.
Comments from the Chief Executive Officer:
Roque Benavides, Chief Executive Officer of Buenaventura stated: "This quarter Buenaventura's actual net income is S/. 185.2 million, or US$ 53.2 million (which represents an EPS of S/. 1.46, or US$ 0.42), an increase of 49% over the third quarter of 2002. However, due to a charge of S/. 350.2 million, or US$ 100.5 million, recorded in the third quarter of 2003 (as per IAS39 for derivative instruments), the final result is a net loss of S/. 165.0 million, or US$ 47.4 million, (which represents a negative EPS of US$ 0.37). Our operating income was S/. 51.1 million, or US$ 14.7 million, 27% above last year. EBITDA rose 66% to S/. 392.5 million, or US$ 112.7 million, when compared to the third quarter of 2002.
These results were mainly due to the improvements in our operations at Orcopampa and Antapite, where gold production rose 20% to 70,631 oz, while our total average realized price of gold rose 16% to US$ 364.92/oz Au. At Yanacocha, our largest affiliate, production rose 35% to 862,393 oz of gold for the third quarter of 2003, compared to the same quarter of 2002, and contributed with US$ 50.6 million in income from non-consolidated affiliates, an increase of 88% over the third quarter of 2002."
Paciente
|
|
