Eco-Bat Technologies Ltd., the lead producer, reported a 79 percent drop in second quarter profit after prices of the metal used in batteries declined.
Net income was 7.5 million pounds ($11.9 million) in the three months ended June 30 compared with 36.5 million pounds in the same period a year earlier, the Matlock, England-based company said in an e-mailed report today. Revenue dropped 10 percent to 421.9 million pounds.
Lead for delivery in three months averaged $1,986.29 a metric ton on the London Metal Exchange in the second quarter, down 22 percent from a year earlier. Lead sales were little changed at 206,000 tons versus 207,000 tons, Eco-Bat said.
There was a quarterly “mark-to-market” loss on outstanding contracts at 2.9 million pounds compared with a gain of 22.8 million pounds a year earlier, Eco-Bat said. On July 2, the company acquired 100 percent of battery distributors Accuverkoop Hefra B.V in the Netherlands and Accucentrale B.V.B.A in Belgium, according to the statement.
((Eco-Bat will hold a conference call 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 4561408#.))