Chilean state-run copper company Codelco says Jan-Sept profits fall 28 percent
Chilean state-run copper giant Codelco says profits for the first nine months of the year fell 28 percent compared with the same period in 2007 due to sagging mineral sales, rising production costs and other factors, the Associated Press reported.
The company said Thursday that profits for the January-September period were $4.9 billion, down from $6.7 billion a year earlier.
Codelc zo said in a statement it is also factoring in a set-aside of $445 million in anticipation of a fourth-quarter hit from the plummeting price of copper, driven by the global financial crisis.
Much of copper's recent fall has come outside the January-September period.
Codelco is the world's largest copper producer with annual output of 1.5 billion metric tons (1.7 billion tons).