Eco-Bat Technologies Reports Second-Quarter LossMillie Munshi
Eco-Bat Technologies Ltd., the world’s largest producer of refined lead, had a loss of 8.5 million pounds ($14.1 million) in the second quarter compared with income of 2.1 million pounds for the same period last year.
Revenue fell 6.7 percent to 369.2 million pounds, Matlock, England-based Eco-Bat said in an e-mailed statement today. Revenue was reduced 26.1 million pounds because of the pound’s strength against the dollar, euro and South African rand, it said. Lead sales fell 2.1 percent to 191,000 metric tons in the three months ended June 30.
The drop in revenue “was primarily due to the movement in exchange rates coupled with a decrease in silver prices and a small a fall in lead sales volumes, partially offset by an increase in lead prices,” Eco-Bat said.
Lead prices averaged $2,095 a ton in the second quarter, compared with $2,054 a year earlier, the company said.
(Eco-Bat will hold a conference call today at 3 p.m. U.K. time. The number is +44-20-3427-1900 or +0800-279-4992 within the U.K. Confirmation code: 1799238. A replay will be available for two weeks on +44-20-3427-0598 or +0800-358-7735 within the U.K., passcode 1799238.)