LONDON (dpa-AFX) - Miner Antofagasta Plc (ANFGY.PK, ANTO.L) reported that its profit before tax for the first half of 2020 dropped to $387.5 million from $763.0 million in the prior year.
Profit attributable to the owners of the parent for the period declined to $135.2 million from $302.4 million last year.
Basic earnings per share from continuing operations was 13.7 US cents, compared to 30.7 US cents in the previous year.
Revenue for the first half of 2020 was $2.139 billion, 15.3% lower than the same period in 2019 mainly as a result of lower realised copper prices and sales volumes, partially offset by the increase in the realised gold price.
The company has declared an interim ordinary interim dividend of 6.2 cents per share, which represents a payout ratio of 35%.
Group copper production in the first half of 2020 was 371,700 tonnes, 4.0% lower than in the same period last year, largely due to expected lower ore grades at Centinela Concentrates.
Group gold production for the first six months of the year decreased by 25.5% to 111,100 ounces on expected lower grades at Centinela.
As previously announced, Group copper production for the full year is expected to be at the lower end of the original 725-755,000 tonnes guidance range, on the basis that no COVID-19 related shutdowns occur during the rest of the year.
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