Date: 7 months ago   Category: Industry

Polymetal has increased net profit by 32% against the background of increase in production in the I half-year — Rambler News Service


The Polymetal International group has got the corrected net profit following the results of work in the first half of the year 2018 of $155 million against $117 million for the same period of 2017, has reported producer of gold, silver and copper. "Revenue in the first half of the year 2018 has grown by 16% to $789 million in comparison with the I half-year 2017 generally due to increase in production in a gold equivalent for 11%. The sales volume of gold was 445 thousand ounces, having increased by 17% in comparison with the same period of last year, and the sales volume of silver has decreased by 2% and was 12,1 million ounces" — it is said in the statement. The corrected EBITDA has made $305 million, having increased by 19% year-on-year, generally as a result of increase in production and the prices of metals. Profitability on the corrected EBITDA has grown by 1%, up to 39% (38% in the I half-year 2017). The net debt for the specified period has grown to $1,652 billion in comparison with $1,42 billion for December 31, 2017 that is caused by seasonal increase in working capital. The ratio of a net debt to the corrected EBITDA for the previous 12 months makes 2,08. The average strike prices of gold and silver in general corresponded to dynamics of market prices: the strike price of gold has grown by 6% in comparison with the same period of last year, and the strike price of silver fell by 4%. Polymetal has confirmed the production plan for 2018 of 1,55 million ounces of a gold equivalent. "In the first half of the year of Polymetal has got considerable profit against the background of excellent operational results. In the second half of the year we expect increase in production and essential increase in a free cash flow. We will continue to work on development portfolio of projects, including a conclusion of Kyzyl to full productivity, providing at the same time considerable dividend profitability for our shareholders" — the chief executive officer of group Vitaly Nesis has told. The company has also reported that it continues to estimate the level of tax risk as high in connection with a recent initiative about a tax on "excess profits" of the mining and chemical companies. "For date of these financial statements there is no definiteness concerning whether such law will be introduced and when it occurs and also there is no clarity concerning details of the offered additional taxation, and is unclear what impact it will exert on a financial position of group" — it is specified in the message.

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