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Freeport profit falls, still working on Indonesia dispute

Reuters - UK Focus

April 24 (Reuters) - Freeport McMoRan Copper & Gold Inc reported a decline in first quarter profit on Thursday, hurt by lower copper prices and a conflict with the government of Indonesia that has halted its copper concentrate exports from the country.

The company said it is working to resolve the dispute, over a new export tax announced in January.

Net (Dusseldorf: NETK.DU - news) income fell to $510 million, or 49 cents a share, from $648 million, or 68 cents, a year earlier. Revenue rose to $4.99 billion from $4.58 billion, boosted by the company's recent oil and gas acquisitions. (Reporting by Allison Martell; Editing by Chizu Nomiyama)