Southern Copper surprises with $287.5 million net loss in fourth quarter

Reuters | February 2, 2018 | 6:18 am Base Metals Latin America Copper

Peru mine protest forcing Southern Copper to import copper concentrate, executive says

Southern Copper, owned by Grupo Mexico, operates the Toquepala and Cuajone mines in Peru, as well as the Ilo refinery. (Image courtesy of Souther Copper Peru.)

Southern Copper Corp surprised the market by reporting a $287.5 million net loss in the fourth quarter on Friday, citing a $743.3 million one-time payment related to U.S. tax reform.

Analysts had forecast a $419 million net profit for the company in the fourth quarter, according to Thomson Reuters I/B/E/S.

The Arizona-based company, controlled by Grupo Mexico, said that without the tax adjustment it would have posted $455.8 million in net profit. In the last quarter of 2016, Southern earned $171.9 million.

(Reporting By Mitra Taj Editing by Chizu Nomiyama)