PROFITS by the mining and metals group Outokumpu, which owns Tara Mines, fell by 84 per cent to 229 million Finnish markka (£29.9 million) after financial items in 1996 from 1.481 billion markka in 1995, the company reported yesterday.

Operating profits fell by 65 per cent to 552 million markka, from 1.589 billion. Sales declined from 16.95 billion markka to 16.55 billion.

The decline had been expected owing to a fall of prices for copper and stainless steels.

Outokumpu warned that profits would remain "modest" during the first few months of 1997 but that the market would improve gradually during the year.