Hochschild Mining PLC (HOC.L), a precious metals company, reported its results for the first six months of 2012. Net Revenue decreased 29 percent, and profit from continuing operations decreased 63 percent during the period from prior year.
In the first half, the company delivered attributable production of 10.2 million silver equivalent ounces, down 8 percent from 11.1 million silver equivalent ounces, prior year. The company said it is on track to fulfill its full year production target of 20.0 million attributable silver equivalent ounces in 2012.
Commenting on the results, Eduardo Hochschild, Executive Chairman, said, "The first half of 2012 provided the company with tougher challenges than last year, although I am pleased to report that we have delivered on our production targets and that we are on track to meet our full year target. Despite an anticipated fall in financial results, the company remains in a strong financial position and therefore the Board is maintaining the interim dividend at $0.03 per share."
Profit from continuing operations, post exceptional, was $52.75 million or $0.08 per share for the first six months of 2012. Adjusted EBITDA was reported at $168.35 million for the period. Net revenue was $354.50 million compared to $496.77 million last year.
The company said its cash balance remains at a very healthy $544 million, despite a finished goods inventory build-up in Argentina, with minority investments currently valued at $298 million.
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by RTT Staff Writer
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