(Reuters) – Eramet on Thursday revised its adjusted Ebitda outlook upwards for 2024, with a view to financial improvement in the second half, after posting a 19% drop in turnover in the first quarter.
The mining and metallurgical group now expects earnings before interest, taxes, depreciation and amortization (Ebitda) between 750 and 900 million euros for 2024, compared to 650-800 million euros, announced in February.
The company reported adjusted revenue of €761 million between January and March, compared to €944 million in the same period last year.
“Financial performance at [premier semestre] should also be significantly lower than that of the [second semestre]taking into account the unfavorable seasonality but also market prices which are expected to improve in H2,” the company said in a press release.
The group said earlier this month that it had sealed an agreement with the French government to continue the mining activities of its nickel subsidiary SNL in the northern province of New Caledonia.
(Writing by Stéphanie Hamel, edited by Kate Entringer)
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