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Peru's Southern Copper reports second-quarter profit down 24 per cent |
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Written by THE ASSOCIATED PRESS
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Thursday, 24 July 2008 |
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LIMA, Peru - Peru's Southern Copper Corp. says net income fell 24 per cent in the second quarter amid work stoppages and higher production costs.
Southern said Thursday its second-quarter profit totalled US$548.5 million or 62 cents per share, down from US$726 million or 82 cents per share, in the year-ago period.
Copper production was 117,250 tonnes in the second quarter compared with 158,177 tonnes in the same period of 2007.
Sales in the second quarter totalled $1.46 billion, a 20 per cent decrease from the $1.83 billion last year.
Southern Copper, one of the world's largest copper producers, operates mines, smelting and refining facilities in Peru and Mexico. It is 75.1 per cent owned by Grupo Mexico SA.
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