AS THE WORLD’S LARGEST PRIMARY SILVER PRODUCER, FRESNILLO STRIVES TO CREATE MAXIMUM VALUE FOR ALL STAKEHOLDERS

Consolidated Income Statement

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(in thousands of US dollars)

For the six months ended 30 June 2011 2010
Revenues  1,056,949 605,676
Cost of sales  (282,368) (201,916)
Gross profit  774,581 403,760
Administrative expenses  (25,381) (24,901)
Exploration expenses  (61,959) (33,361)
Other income (expense)  (3,029) 2,595
Profit before net finance costs and income tax  684,212 342,902
 
Net Finance costs  2,646 (614)
Revaluation effects of Silverstream contract  93,607 17,250
Foreign exchange gain / (loss)  (4,366) (5,069)
Profit before income tax  776,099 354,469
Income tax expense  (222,854) (95,611)
Profit for the year  553,245 258,858
Attributable to:
Equity shareholders of the Group  488,658 220,655
Minority interest  64,587 38,204
 553,245 258,859