FRES Fresnillo Plc

By Oliver Griffin 
 

Fresnillo PLC (FRES.LN) said Tuesday that net profit in the first half of the year fell 25%, citing a negative foreign-exchange rates and lower silver prices, among other reasons.

The precious-metals miner, which has operations in Mexico, said profit for the six months ended June 30 fell to $230.0 million from $308.7 million in the year-earlier period.

Last week Fresnillo shares dropped after reporting softer-than-anticipated silver production for the second quarter, and lowered its full-year silver production guidance to a range of 64.5 million to 67.5 million ounces.

Revenue for the first half of the year rose 12% to $1.12 billion, Fresnillo said. The company also raised its interim dividend by 0.9% to 10.7 cents per share.

The company reiterated its guidance for silver production in a range between 65.5 million to 67.5 million ounces, down from the 67 million to 70 million ounces it expected before posting its second-quarter results last week.

Gold production guidance for the year was also reiterated in a range between 900,000 to 930,000 ounces, which it raised during its second-quarter production results from 870,000 to 900,000 ounces

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

July 31, 2018 03:05 ET (07:05 GMT)

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