Despite a slight downturn in copper prices, Phelps Dodge (PD-N) earned a profit in the first quarter.
Income amounted to US$137.5 million (or $2.12 per share) on revenue of just over US$1 billion, compared with US$153.1 million ($2.26 per share) on similar revenue in the same period in 1996.
The New York Commodity Exchange spot price for cathode copper averaged US$1.11 per lb. during the recent 3-Month period, which is 6% lower than in the same period in the previous year.
Phelps Dodge produced 194,600 tons of the red metal, compared with 190,200 tons a year ago. Copper sales were also slightly higher.
The company has invested US$150 million so far this year to buy back 2.1 million shares of its own stock. It has repurchased 9.1 million shares since 1995.
The company laid out US$94.5 million in the quarter, including US$47.3 million for the expansion of the Candelaria mine in Chile.
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