August 5, 2014 / 5:46 PM / in 3 years

Mexico's Penoles says second-quarter profit tumbles 67 percent

MEXICO CITY, Aug 5 (Reuters) - Industrias Penoles , a Mexican miner and metals processor, said on Tuesday its second-quarter profit tumbled 67 percent, hurt by a dip in metals prices and an increase in financial costs.

Penoles, which runs Fresnillo, the world’s largest primary silver producer, reported that profit slid to 387.9 million pesos ($29.87 million), from 1.187 billion pesos a year earlier.

Revenue fell 10 percent to 15.477 billion pesos, as prices for gold, silver and copper fell from the year earlier.

Penoles trimmed operating and sales costs but faced higher financial costs as it paid more interest on debt and received a smaller gain from derivatives positions compared to the year-earlier quarter.

Shares in the company were up 0.42 percent at 346.63 pesos in afternoon trading in Mexico. ($1 = 12.9865 pesos at end June) (Reporting by Elinor Comlay; Editing by Jeffrey Benkoe)

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