Eldorado Gold narrows profit, sales jump
TORONTO (miningweekly.com) – Canadian miner Eldorado Gold's third-quarter profit dropped 52% to $36.4-million, or $0.05 a share, from $75.8-million, or $0.11 a share, a year earlier, as gold prices slid and partially offset increased sales.
The Vancouver-based company on Friday said revenues rose 2% year-on-year to $287.3-million during the three months ended September 30, with gold sales making up $266.4-million of that. The bottom line was affected by a $12.7-million write-down.
The gold ounces sold rose 29% to 199 117 oz; however, the average realised gold price dropped 20% to $1 338/oz.
Gold output rose 21% to 204 620 oz at an average cash operating cost of $472/oz, which was 4% lower than in the same period in 2012. All-in cash cost declined to $528/oz from $567/oz.
"Our gold mines continue to perform to plan and generate significant cash flows. With its strong balance sheet and comparatively low-cost gold mining operations, Eldorado is well-positioned with regard to the continuing weakness in gold prices,” CEO Paul Wright said during an analyst conference call on Friday.
Last Wednesday, Eldorado, which owns projects in Turkey, China, Greece and Brazil, said it would acquire Glory Resources in a deal worth $30-million. Before announcing the transaction, Eldorado had a 20% stake in the Australian miner.
Eldorado shares lost 1.76% on the TSX on Friday to trade at C$6.67 apiece. The stock had lost 48% of its value from the start of the year.
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