UPDATE 1-Fresnillo results hurt by dip in gold, silver prices

miércoles 4 de marzo de 2015 06:39 GYT
 

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March 4 (Reuters) - Precious metals miner Fresnillo Plc reported lower-than-expected full-year profit and revenue, hurt by falling gold and silver prices.

Shares in the company fell as much 8.7 percent, and were the top losers on the FTSE 100 on Wednesday.

A Reuters poll in January forecast a further decline in silver and gold prices in 2015, with gold expected to average around $1,234 an ounce and silver expected to fetch about $17.20 an ounce.

The company's pretax profit fell to $251.1 million in the year ended Dec. 31 from $418.7 million a year earlier.

Total revenue fell to $1.41 billion from $1.62 billion a year earlier.

The company also said gold output for the year was hurt as mining at its Herradura mine was halted until March 2014 due to a ban on the use of explosives.

Adjusted revenue, which excludes treatment and refining charges, and lead and zinc hedging, fell to $1.55 billion from $1.76 billion.

Analysts were expecting a pretax profit of $266 million on revenue of $1.43 billion, according to Thomson Reuters StarMine SmartEstimates, which is weighted to forecasts by top-rated analysts.

Fresnillo's average realised silver price fell 18.4 percent to $18.6 per ounce in 2014, while average realised gold price fell 10.2 percent to $1,257.7 per ounce.

Shares in the company were down 5.2 percent at 750.3 pence on the London Stock Exchange at 1037 GMT. (Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Anupama Dwivedi)