Aurubis lowers outlook on slower economy, shares slump

Aurubis, Europe’s largest copper producer, on Friday cut its annual targets, citing factors such as a slower economy and maintenance shutdowns, sending its shares sharply lower. Aurubis now expects operating pretax earnings in its fiscal 2018/19 to decrease by more than 15% compared to the previous year. In February, Aurubis had forecast full-year operating earnings before tax to be “moderately lower”.

In the first six months, pretax earnings dropped to 153 million euros, from 233 million in the year-earlier period.

Shares slumped 10.2% on the news.

(Reporting by Arno Schuetze Editing by Michelle Martin)