Polymetal Posts HY Loss - Quick Facts

Polymetal International plc (POLY.L) reported that its net loss for the six month ended 30 June 2022 was $321 million, compared to a profit of $419 million in the prior year, reflecting lower EBITDA and non-cash impairment charges. Loss per basic share was $0.68 compared to a profit of $0.89 per share in the previous year.

Adjusted EBITDA was $426 million, a decrease of 35%, against a backdrop of higher costs and lower sales volumes.

Underlying net earnings were $203 million down from $422 million in the prior year.

Revenue for the first-half of 2022 decreased 18% to $1.05 billion from the prior year.

The company noted that its board does not propose any interim 2022 dividends to allow the Group to strengthen its cash position and enhance its resilience in a highly volatile environment.

Polymetal continues to target its original 2022 production guidance of 1.7 Moz of gold equivalent.

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