Polymetal International plc (POLY.L, AUCOY.PK) reported that its net earnings for the six months ended 30 June 2015 declined to $98 million from $100 million in the same period last year. Basic earnings per share decreased to $0.23 from $0.26 in the previous year.
Underlying net earnings were US$118 million, down 5% year-on-year.
Revenue for the period decreased by 11% to US$648 million compared to last year driven by gold and silver prices decreasing 7% and 18% respectively year-on-year. The volume of both gold and silver sold was largely unchanged from first-half of 2014, with gold equivalent sold lower by 4% to 537 Koz year-on-year driven by an adverse movement in the gold/silver price ratio.
The Directors of Polymetal has resolved to pay an interim dividend of US$0.08 per ordinary share for the six months ended 30 June 2015 (1H 2014: US$0.08) which represents 30% of the Group's underlying net earnings for 1H 2015 or approximately US$ 34 million.
The dividend will be paid on 25 September 2015 in US Dollars, with an option for shareholders to elect to receive the dividend in pounds sterling. Such election should be made not later than 7 September 2015.
The Company reaffirmed its annual production guidance of 1.35 Moz of gold equivalent in 2015 and reduces its full-year Total cash cost guidance from US$ 575-625/GE oz to US$ 525-575/GE oz and its All-in sustaining cash costs guidance from US$ 750-800/GE oz to US$ 700-750/GE oz on the back of continued weakness of the Russian Rouble and expectation of a continued strong operating performance.
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