LONDON (dpa-AFX) - Precious metals company Hochschild Mining PLC (HOC.L) Wednesday reported a loss before tax of $66.12 million from continuing operations for the first half of the year compared with a profit of $5.37 million in the same period a year ago, hurt primarily by decline in revenue due to lower production.
Hochschild said production was lower than the first half of last year due to delay in securing the approval of the MEIA at Inmaculada as well as decline in production at Pallancata.
Excluding special items, the company posted profit before tax of $787,000, lower than $15.29 million last year.
On a net basis, loss from continuing operations was $44.71 million or $0.085 per share, wider than $2.77 million or $0.01 per share loss last year.
Before exceptional items, loss from continuing operations was $1.93 million or $0.004 per share compared with profit of $7.16 million or $0.01 per share last year.
Revenue for the first six months declined to $314.02 million from $347.78 million in the previous-year period.
Looking forward, the company has lowered its full year production outlook. It now expects attributable production of 289,000-303,0000 gold equivalent ounces and 24 million-25 million silver equivalent ounces. This is down from from 301,000-314,000 gold equivalent ounces, and 25 million - 26 million silver equivalent ounces as guided earlier.
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