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Hudbay reports Q2 loss, revenue up from year ago, lowers cash cost guidance
TORONTO — Hudbay Minerals Inc. reported a net loss attributable to owners of US$16.6 million in its latest quarter as its revenue rose by more than 35 per cent compared with a year ago.
The mining company, which keeps its books in U.S. dollars, says the loss amounted to five cents per share for the quarter ended June 30. The result compared with a loss of US$14.9 million or five cents US per share in the same quarter last year.
Revenue for the quarter totalled US$425.5 million, up from $312.2 million a year earlier.
On an adjusted basis, Hudbay says it profit attributable to owners amounted to US$100,000 or zero cents per share in its latest quarter compared with an adjusted loss of US$18.3 million or seven cents per share in the same quarter last year.
In its outlook for the year, Hudbay lowered its cash cost guidance for copper to a range of 90 cents US to US$1.10 per pound compared with earlier expectations for between US$1.05 and US$1.25 per pound.
The company says the improvement was the result of meaningful exposure to gold byproduct credits and continued strong cost control.
This report by The Canadian Press was first published Aug. 13, 2024.
Companies in this story: (TSX:HBM)
