LUXEMBOURG (dpa-AFX) - The industrial recycler Befesa has earned less at the start of the year. Lower zinc prices were the main reason for this, as the company announced in Luxembourg on Thursday. Revenues in the first quarter fell by seven percent to 298.3 million euros. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 3 percent to 48.6 million euros. Befesa's bottom line was almost 38 percent lower at just under 9.5 million euros. The figures were worse than analysts had expected.

For the current year, Befesa announced an increase in earnings. EBITDA is expected to rise by 7 to 29 percent to between EUR 195 million and EUR 235 million. Significantly lower zinc smelting charges and better price hedging for zinc should have a positive impact on results, it said. Befesa also expects coke prices to normalize and efficiency to improve in the US recycling plants and in China. The company justified the wide range with the volatility of metal prices, among other things. So far, analysts expect an operating result at the upper end of the range./nas/stk