Mining company Outotec cuts full-year target citing project problems
Oct 31 (Reuters) - Finnish mining technology company Outotec cut its margin target for 2018 and said the impact ofproblems at one of its start-up operations is still unknown.
"At this point, it is too early to assess the totalfinancial impact of the needed repair" Outotec said in itsthird-quarter report, referring to issues in one of its electricfurnaces, flagged on Friday. Outotec, which builds plants and equipment and providesservices for the metal and mineral processing industries, saidit now expects its adjusted EBIT (earnings before interest andtax) margin in 2018 to be in the range of 5-6 pct against theprevious target of 5-7 pct.
The company reported EBIT for the quarter at 16 millioneuros ($18.15 million), in line with estimates seen in a Reuterspoll.
($1 = 0.8815 euros)
(Reporting by Boleslaw Lasocki, editing by Louise Heavens)
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.  |