Advertisement
UK markets close in 1 hour 26 minutes

  • FTSE 100

    8,129.98
    +51.12 (+0.63%)
     

  • FTSE 250

    19,807.51
    +205.53 (+1.05%)
     

  • AIM

    755.47
    +2.35 (+0.31%)
     

  • GBP/EUR

    1.1678
    +0.0021 (+0.18%)
     

  • GBP/USD

    1.2509
    -0.0002 (-0.02%)
     

  • Bitcoin GBP

    51,547.32
    +923.58 (+1.82%)
     

  • CMC Crypto 200

    1,334.71
    -61.82 (-4.43%)
     

  • S&P 500

    5,100.44
    +52.02 (+1.03%)
     

  • DOW

    38,288.17
    +202.37 (+0.53%)
     

  • CRUDE OIL

    83.97
    +0.40 (+0.48%)
     

  • GOLD FUTURES

    2,352.00
    +9.50 (+0.41%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • HANG SENG

    17,651.15
    +366.61 (+2.12%)
     

  • DAX

    18,127.32
    +210.04 (+1.17%)
     

  • CAC 40

    8,089.57
    +72.92 (+0.91%)
     
PROPERTY:

9 luxury homes to consider if money is no object

Ever thought about what a multimillion pound budget would buy you?

Fresnillo results hurt by dip in gold, silver prices

Reuters - UK Focus

(Adds share movement, background, detail)

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

Shares (Berlin: DI6.BE - news) 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 (Shanghai: 600875.SS - news) . 31 from $418.7 million a year earlier.

ADVERTISEMENT

Total (Swiss: FP.SW - news) 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 (Other OTC: LDNXF - news) at 1037 GMT. (Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Anupama Dwivedi)