Polymetal Intl. Q2 Revenue Up 30%

Gold producer Polymetal International plc (POLY.L) Thursday reported 30 percent growth in revenue, on the back of higher gold prices and sales volumes. Year-to-date, revenue was up 20 percent, hurt by a lag between gold production and sales due to Varvara concentrate sales.

For the second quarter, the group's revenue rose 30 percent to $641 million, and gold equivalent production grew 2% to 358 Koz, driven by a strong performance at Kyzyl which compensated for the planned decline at Svetloye.

For the half year, revenue was up 20 percent to $1.135 billion and gold equivalent production rose 4 percent to 723 Koz.

Looking ahead, the Group said it is confirming its full-year 2020 production guidance of 1.5 Moz of gold equivalent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Asweets Global Inc. is recalling about 2,000 units of Wonder & Wise Activity Tables for potential risk of choking hazard to young children, a statement by the U.S. Consumer Product Safety Commission (CPSC) showed. The company said the screws of the tables can become loose and/or detach from the xylophone component of the activity tables to pose a choking hazard to young children. Chinese e-commerce giant Alibaba Group Holdings Ltd. (BABA) reported Thursday a net loss for the fourth quarter that sharply widened from last year, despite 9 percent growth in revenues, hurt by a decreases in the market prices of our equity investments in publicly-traded companies. Omni-channel fashion retailer Macy's, Inc. (M) reported Thursday a first-quarter net income of $286 million or $0.98 per share, sharply higher than $103 million or $0.32 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter was $315 million or $1.08 per share, compared...
Follow RTT