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Fresnillo results hurt by dip in gold, silver prices

Reuters - UK Focus

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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.

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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)