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Fresnillo posts sharp drop in sales and profits for first half of 2019

A cost cutting programme will be rolled out in the second half of 2019

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Fresnillo produced just over 430,000 ounces of gold, as well as 27mln ounces of silver

Fresnillo PLC (LON:FRES) booked revenues of just over US$1.069bn in the six months to June 2019, down 10% on the comparable year ago.

Gross profit fell by 59% and earnings dropped by nearly 48%, as the amount of silver the company produced from its Mexican mines fell by more than 10% to 27mln ounces.

The realised price dropped too.

READ: Fresnillo slumps as it cuts 2019 production guidance

Accordingly, profit for the period dropped 69% to of US$71mln.

Nonetheless, the interim dividend was set at US$0.026 per share.

 

Quick facts: Fresnillo Plc

Price: 701.4 GBX

LSE:FRES
Market: LSE
Market Cap: £5.17 billion
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