Feb 29 (Reuters) - Luxembourg-based metal recycling company Befesa reported on Thursday a 15% drop in 2023 adjusted core profit, but forecast strong growth for this year as a "perfect storm" of higher costs and lower metal prices should unwind.

Befesa shares dropped as much as 3.1% to 28.36 euros in early trade, their lowest since Nov. 9. The stock is down 19.03% so far this year.

The group's annual adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 182 million euros ($197 million), in line with guidance, mainly driven "by lower zinc prices, the unfavourable increase in zinc treatment charges (TC) and higher coke prices", Befesa said.

Net profit in 2023 was down 45% versus 2022 to 58 million euros, while revenue increased 4% to 1.18 billion euros thanks to growth at its U.S. zinc refining operation.

"2023 has been a perfect storm for Befesa, as we faced a confluence of adverse external factors (...). Despite these challenges, our solid EBITDA levels and cashflow demonstrated the resilience of our business model," said Befesa Executive Chair Javier Molina.

The company will propose a dividend of 0.73 euro per share, down from 1.25 euros the previous year, but in line with its policy of paying out 40%-50% of earnings.

Befesa said it saw strong growth this year as "many of the headwinds (...) faced in 2023 should subside in 2024 due to the temporary nature of the external pressures".

It forecast a more positive combination of zinc TCs and prices this year, a normalisation in coke price and an improved zinc hedging price strategy.

In 2023, zinc price averaged 2,450 euro per tonne, down 26% from 2022, while zinc TCs rose 19% over the same period, the company said.

Befesa said it would release net profit guidance for this year alongside first quarter results on April 25.

($1 = 0.9232 euros) (Reporting by Alberto Chiumento, additional reporting by Anastasiia Kozlova, Tristan Veyet; Editing by Chizu Nomiyama and Mark Potter)