TORONTO – Hudbay Minerals Inc. has reported that it profits and revenue rose in the latest quarter, as the miner saw an increase in cash flow due to higher realized copper and zinc prices.
The Canadian metals and mining company reported net income for the quarter ended Dec. 31 of $99.7 million or 38 cents per diluted share compared to a net loss of $47.3 million or 20 cents per dilute share in same quarter last year.
Hudbay’s revenue was approximately $414 million in the fourth quarter of 2017 compared to about $316 last year.
CEO and president Alan Hair says the company ended 2017 on a positive note by achieving or exceeding production guidance and continuing to grow positive free cash flow while reducing debt.
Operating cash flow was $172 million in the fourth quarter of 2017, a 41 per cent increase from the fourth quarter of 2016.
Hudbay’s reduced its net debt position by $462 million year-over-year in its latest quarter _ from $1.09 billion to $623 million.