February 2, 2018 / 2:21 PM / in a year

Southern Copper surprises with $287.5 mln net loss in fourth quarter

LIMA, Feb 2 (Reuters) - Southern Copper Corp surprised the market by reporting a $287.5 million net loss in the fourth quarter on Friday, citing a $743.3 million one-time payment related to U.S. tax reform.

Analysts had forecast a $419 million net profit for the company in the fourth quarter, according to Thomson Reuters I/B/E/S.

The Arizona-based company, controlled by Grupo Mexico , said that without the tax adjustment it would have posted $455.8 million in net profit. In the last quarter of 2016, Southern earned $171.9 million.

Reporting By Mitra Taj Editing by Chizu Nomiyama

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