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