Antofagasta 2014 Profit Drops

reported a 30% decline in its net profit for 2014. Antofagasta's net profit for the year slipped to $459.8 million, versus a year-ago profit of $660 million. Its profit before tax dropped 24.5% to $1.57 billion, compared to $2.08 billion in 2013. Basic EPS in US cents declined to 46.6 from 66.9. Its revenue shrank 11% to $5.29 billion. Average realized copper prices dropped 8.5%, while copper output declined 2.3% to 704,800 tons. Earnings before interest, taxes, depreciation and amortization slipped 18% to $2.22 billion. The company's board declared a final dividend of $0.098 per share. Antofagasta plc CEO Diego Hernández said, "I am pleased to report that Antofagasta's operating performance in a year of falling copper prices continued to be solid and steady. With our focus on managing costs across our operations, helped by consolidating the Centinela district among other innovative initiatives, the impact of lower revenue to operating cash flow was reduced." Antofagasta shares rose 2.28% to close at $21.05 yesterday.