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Fresnillo Says Profit Falls 25% as Silver Output, Prices Decline

Fresnillo Plc (FRES), the world’s biggest primary silver producer, reported a 25 percent drop in first- half profit after silver production and prices fell.

Net income slipped to $366.7 million from $488.7 million a year earlier, Mexico City-based Fresnillo said in a statement today. Sales dropped 2.7 percent to $1.09 billion.

The company produced 20.1 million ounces of silver in the first half, 6.5 percent less than a year earlier. The company said its average selling price dropped 13 percent to $30.97 an ounce in the period.

The company reiterated its full-year production target of 41 million ounces of silver and 460,000 ounces of gold.

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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