MEXICO CITY, March 4 Mexican mining company
Industrias Penoles reported a sharply lower
fourth-quarter profit on Tuesday, pointing to a drop in
precious-metal prices, a charge taken on certain assets, and a
new mining tax.
Penoles, which runs the world's largest primary silver
producer, Fresnillo, said lower metals prices pulled
down its revenue by 32 percent to 14.94 billion pesos ($1.14
The miner and metals processor reported a profit of 152.4
million pesos, compared with 2.934 billion pesos in the
The company's net profit was also dampened by a one-time
charge on the value of its Madero and Milpillas mining units, as
well as a mining tax payment Penoles said it had to make under a
new tax regime in Mexico. The charge and the tax payment totaled
1.427 billion pesos, the company said.
Fresnillo, which is listed on the London Stock Exchange,
earlier on Tuesday reported a 64 percent drop in profit, sending
its shares down 10 percent.