29th Apr 2015 16:17
LONDON (Alliance News) - Petropavlovsk PLC Wednesday announced a shake-up of its board of directors with effect from Thursday, including the retirement of Deputy Chief Executive Martin Smith.
The Russia-focused miner noted that, as it had said in February, it is reducing the size of its board to reflect the reduced size of its market capitalisation compared to previous levels. London Main Market listed Petropavlovsk currently has market cap of GBP192.1 million.
Strategic Director and Head of External Communications Alya Samokhvalova and Chief Operating Officer Dmitry Chekashkin will step down as directors, although they will continue in their executive roles.
Several non-executive directors will retire, and Robert Jenkins will be appointed as a non-executive director.
Earlier Wednesday, Petropavlovsk said its pretax loss narrowed in 2014 as it slashed costs across the board, offsetting a revenue decline due to lower production, and the company said it expects to increase production and reduce costs further in a heavily second-half weighted 2015.
The miner reported a pretax loss of USD347.7 million in 2014, less than half the USD713.2 million loss it reported in 2013, even though revenue fell to USD864.9 million from USD1.19 billion.
Its operating expenses fell to USD816.2 million from USD1.66 billion, improving the company's operating profit which stood at USD51.7 million in 2014 compared with a USD467.7 million loss in 2013.
Shares in Petropavlovsk closed up 0.2% at 5.86 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
POG.L