Fresnillo 1st Half Net Profit Falls on Forex, Silver Prices
July 31 2018 - 3:20AM
Dow Jones News
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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