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Hochschild Mining H1 Profits Surge, Revenues Up

British-based silver and gold miner Hochschild Mining (HOC.L) posted significantly higher profits for the half year, with 70 percent growth in revenue, compared to last year's Covid-impacted results.

For the half year, the Group's pre-tax profit surged to $83.8 million from $6.5 million, and adjusted pre-tax profit rose to $97.8 million from $13.1 million last year.

Adjusted EBITDA for the period grew to $198.5 million from $80.6 million a year ago, mostly reflecting higher production levels.

On a basic per share basis, earnings were 7 cents versus 2 cents loss last year, while adjusted earnings were 8 cents versus 1 cent loss last year.

For the first half, the Group's revenue rose by 70 percent to $394.8 million. The Group attributed the growth to significantly higher production, with a 4% rise in the average gold price and 62% rise in the silver price.

Looking ahead, the Group said it is on track to deliver overall 2021 production target of 360,000-372,000 gold equivalent ounces or 31.0-32.0 million silver equivalent ounces.

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