SMM6, March 11 / PRNewswire-FirstCall-Asianet /-reversing the 25 per cent rise in the first four months of 2019, Southern Copper (NYSE: SCCO) shares fell 12 per cent in May. In addition to the disappointing first-quarter earnings announced at the end of April, the fall in copper prices in May shook investors and pushed share prices lower.
The company reported net sales of $1.75 billion and net income of $388.2 million in the first quarter, down 4.8 per cent and 17.5 per cent, respectively, from a year earlier.
The company's copper production increased by 11.6% in the first quarter compared with the same period last year, while silver production and zinc production increased by 4.8% and 4.6%, respectively.
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