Net income guidance was lowered 38% to $70-90 million from $110-150 million previously with revenue guidance falling 10% to $850-950 million from $900-1,000 million.
The company reported a 14% decline in 2019 September quarter revenue to $230.2 million from $268.8 million a year ago. EBITDA from direct operations fell 8% to $55.8 million in the quarter compared with $60.8 million in the prior year period, primarily due to a reduction in production and volume sold from its Orcopampa and La Zanja mines. EBITDA including JV operations increased 5% to $158.5 million from $150.8 million a year ago. Net income in the quarter was $4.5 million compared with a net loss of $10.3 million in the same period of 2018.
Debottlenecking to increase the efficiency of its Tambomayo, Uchucchacua, Orcopampa and El Brocal mines has generated an additional US$12 million in EBITDA. Capital expenditures in the quarter increased 51% to $28 million from $18.5 million for the same period in 2018.
Attributable gold production fell 25% in the quarter to 121,000oz from 161,000oz in the prior year quarter. Silver production fell 25% to 5Moz from 6.7Moz a year ago. Zinc production fell 16% to 13,100t from 15,500t a year ago. Lead production fell 17% to 9,200t from 11,100t. Copper production fell 11% to 28,700t from 32,200t.
All-in sustaining costs fell 10% in the quarter to US$914/oz from $1,020/oz driven be a fall in lead and copper costs, although costs for gold and silver increased.
The company continued to advance several greenfield projects with prefeasibility studies competed at San Gabriel gold project and Trapiche. Permitting has commenced at San Gabriel with the company targeting the first semester of 2020 to complete it. Permitting at the Trapiche copper project is targeted for completion in the first semester of 2021.