Fresnillo Nearly Halves Dividend As Profits Fall

Fresnillo PLC, a Mexican precious metals miner cut its dividend by nearly half after reporting falling net profit Tuesday due to lower silver prices which more than offset higher gold prices and output.

Highlights from market news:

– World’s largest primary silver producer and Mexico’s second largest gold producer: reduced full-year dividend to $0.579 a share from $1.0285 a share after reporting an 18.4% drop in net profits

– Revenue fell 1.6% to $2.16 billion while a keenly watched profit metric, earnings before interest, taxes, depreciation, and amortization, or Ebitda dropped 14.8% to $1.31 billion, in line with analysts’ expectations

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