Local News

Hudbay is looking forward to financial improvements

Hudbay President David Garofalo says although total revenue for the third quarter of 2013 was 14.4 million dollars lower than the same period last year profits were up.  He reports during the third quarter they recorded a profit of approximately 3 million dollars compared to a loss of 5.4 million for the same period last year. He adds the increased profit was primarily the result of higher foreign exchange gains and lower tax expense partially offset by lower revenue as the result of lower volumes and prices.  Garofalo says with two quarters of commercial production for the first phase of Lalor behind them they expect to see a continuation of the trend of improved tax flow over the next year as they commission the main shaft and Reed continues its ramp up.

             

Garofalo adds in the quarter production at Hudbay’s Manitoba Business Unit was 29 percent higher than the previous years third quarter as a result of a full quarter of production at Lalor, additional production from Triple Seven and production commencing at Reed Lake.

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