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Industrias Peñoles' Q4'17 profit fell 4.4% YOY to 2.69B pesos

Industrias Peñoles SAB de CV posted a net profit of 2.69 billion Mexican pesos in the fourth quarter of 2017, down 4.4% from a net profit of 2.81 billion pesos in the same quarter of 2016.

Net sales in the period rose 3.2% year over year to 22.77 billion pesos, the company said Feb. 27. The increase in sales was driven by higher metal prices and an increase in volumes sold of silver and chemical inputs, partially offset by the lower Mexican peso exchange rate against the U.S. dollar.

EBITDA, meanwhile, grew 11.2% on a yearly basis to 8.91 billion pesos, reflecting higher sales margin.

The company's gold production fell 12% to 7,565 kilograms, while silver output rose 18.6% to 560,929 kilograms in the quarter. Lead and copper production also slipped 1.5% and 0.2%, respectively, to 20,785 tons and 2,766 tons, as zinc output climbed 2% year over year to 72,635 tons.

For full-year 2017, the company's net earnings soared 89.6% year over year to 10.89 billion pesos. The company's net sales rose 4% to 85.41 billion pesos, with EBITDA rising 14.6% to 32.40 billion pesos on a yearly basis.

As of Feb. 27, US$1 was equivalent to 18.81 Mexican pesos.