Commodity prices weigh on Polymetal earnings as net debt improves
Polymetal International blamed poor commodity prices for a 4% drop in earnings in its first half result.
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Polymetal International
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16:35 31/07/23
The precious metals producer posted adjusted earnings to $297m from $310m, from revenues down 10% to $648m from $727m.
Polymetal said the decrease was largely driven by a decline in commodity prices, largely offset by strong cost performance.
Basic earnings per share were lowered to 23c from 26c.
Polymetal maintained its annual production guidance of 1.35Moz of gold equivalent in 2015.
The metals firm decreased net debt by $18m to $1,231m during the period, while paying $139m in dividends during the period.
Group chief executive Vitaly Nesis said he was pleased to report robust cost performance and cash flow generation in challenging market conditions.
"With strong operational delivery and financial strength in the current environment, we remain focused on free cash flow generation and providing dividends while progressing steadily on the development of the next generation of assets, including the Kyzyl project.”
Polymetal directors issued an interim dividend of $0.08 per ordinary share for the six months ended 30 June 2015, which represents 30% of the group's underlying net earnings for the first half, approximately $34m.
Shares in Polymetal were up by 0.17% to 472.80 at 0811 BST.