Fresnillo Reports 31% Increase in Net Profit in 2017
By Oliver Griffin
Mexico-based silver-and-gold miner Fresnillo PLC (FRES.LN) said Tuesday that net profit in 2017 rose 31% as the company forecast further increases to silver production in 2018.
The mining company said that net profit for the year ended Dec. 31 rose to $560.8 million, from $427 million in 2016. Pretax profit increased 3.2% to $741.5 million, while revenue grew 9% to $2.09 billion, the company said.
Fresnillo declared a final dividend of 29.8 cents a share, up from the 2016 final dividend of 21.5 cents a share.
The company, which in January reported that it produced 58.7 million ounces of silver in 2017, forecast silver production in 2018 in a range between 67 million ounces and 70 million ounces.
Gold production for 2018 is forecast to be in a range of 870,000 and 900,000 ounces, the company said.
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(END) Dow Jones Newswires
February 27, 2018 02:42 ET (07:42 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.