Antofagasta H1 Pretax Profit From Cont. Ops. Declines; Revenue Up 3.6%

Antofagasta Plc (ANFGY.PK,ANTO.L) reported that its first-half profit before tax from continuing operations decreased by 32.4% to $465.6 million. Basic earnings per share from continuing operations was 19.6 cents per share, a 33.3% decrease on 2017.

First-half revenue was up 3.6% to $2.12 billion as higher realised prices offset lower copper sales volumes. Group copper production was 317,000 tonnes, 8.5% lower than in the same period last year as a result of lower grades mined during the period and the pipeline blockage at Los Pelambres, which delayed 9,200 tonnes being recorded as production. Group gold production for the first six months decreased by 35.8% to 72,000 ounces due to lower grades at Centinela.

Group copper production for the full year is expected to be between 705-740,000 tonnes as originally announced in January, and net cash cost guidance is also unchanged at $1.35/lb, assuming the Chilean Peso and the molybdenum price continue to trade at current levels.

The Board has declared an interim ordinary dividend of 6.8 cents per share, which represents a payout ratio of 35%, consistent with the Group’s dividend policy.

by RTTNews Staff Writer

Source: Read Full Article