Compania de Minas Buenaventura Announces $0.40 per Share

Lima, Peru -(BVN: $32.43)- CEO, Roque Benavides, recently announced “net income in 3Q08 was US$100.6 million, or US$0.40 per ADS, in-line with the figure reported in 3Q07.”

“Operating income in the third quarter was US$71.4 million, 20% lower than the figure reported in 3Q07, while EBITDA from Buenaventura’s direct operations totaled US$91.3 million, 16% lower than the figure achieved in 3Q07. This decrease is explained by the higher costs reported at some of the Company’s mines, as well as a decrease in several metal prices. Yanacocha’s better performance in terms of production and profits, partially offset Buenaventura’s direct operations results as well as Cerro Verde’s lower contribution in 3Q08, best explained by a decrease in copper prices, resulting in a 4% decline in total EBITDA.”

Add comment October 30th, 2008