Eco-Bat Technologies Ltd., the lead producer, reported an 82 percent drop in 2012 profit as average lead prices declined.
Net income was 18 million pounds ($28 million) from 102.7 million pounds in 2011, Matlock, England-based Eco-Bat said in an e-mailed report today. Revenue fell 6.5 percent to 1.7 billion pounds because lead prices on average were 14 percent lower and lead sales fell 1.5 percent from 2011, it said.
Scrap battery prices in Europe and the U.S. are eroding earnings, Eco-Bat said. Profit was down last year because of losses in foreign exchange and an actuarial loss on defined benefit pension plans, the company said.
Demand is “reasonable” for refined lead, Eco-Bat said. The European Commission’s investigation into prices paid for used batteries and lead scrap is still at an early stage, it said. Eco-Bat said in September it was cooperating with regulators on the matter.
((Eco-Bat will hold a conference call tomorrow at 2 p.m. U.K. time. The dial-in number is +44-20-8515-2313 or +0800-358-5271 within the U.K. A replay will be available for two weeks on +44-20-7959-6720 or +0800-358-9369 within the U.K., pin code 4616318#.))
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