Gold miner Polymetal International PLC's profit attributable to shareholders in the first half slipped 13% year over year to US$152 million, or 33 U.S. cents per share.
Results included foreign exchange losses of US$24 million, compared to year-ago gains of US$2 million, mainly due to U.S. dollar-denominated intercompany loans and the weakness in the Russian ruble. Finance costs rose to US$42 million, from US$31 million a year ago, with net debt rising to US$1.70 billion, from US$1.52 billion at the end of 2018.
Underlying net earnings jumped 21% on a yearly basis to US$188 million on the back of higher operating profit, according to an Aug. 27 release.
The Russia- and Kazakhstan-focused miner declared an interim dividend of 20 cents per share, up from 17 cents per share a year ago.
Revenue jumped 20% year over year to US$946 million on the back of higher gold sales, partially offset by lower silver sales and higher all-in sustaining cash cost per gold equivalent ounce, which rose to US$904 from US$898.
Gold sales jumped 36% to 604,000 ounces while silver sales decreased 15% to 10.3 million ounces on a yearly basis.
The company's gold-equivalent production in the half grew 22% year over year to 756,000 ounces.
Polymetal maintained 2019 production guidance at 1.55 million gold equivalent ounces at total cash costs of US$600 per ounce to US$650/oz.
