Eldorado's Q3 profit drops 26 per cent
Oct 26, 2012 / 7:10 am
Eldorado Gold Corporation says its profit attributable to shareholders fell by 26 per cent to US$75.8 million in the third quarter on lower volumes and prices of gold sold.
The Vancouver-based gold miner, which reports in U.S. dollars, says it earned 11 cents per share for the period ended Sept. 30, compared to 19 cents per share in the prior year when net earnings reached $102.5 million.
Total net earnings including those for non-controlling interests fell to $78.4 million from $100.7 million a year earlier.
Cash generated from operations fell to $110.8 million from $159.7 million in the 2011 quarter.
Revenues decreased 14 per cent to $281.8 million from $327.4 million in the year-ago period.
Eldorado (TSX:ELD) sold 154,841 ounces of gold in the quarter at an average cash operating cost of $493 per ounce. That doesn't include 10,524 ounces of pre-commercial production at its mine in Efemcukuru, Turkey. In the third quarter of 2011, it sold 179,513 ounces.
Despite lower sales in the quarter, the company is maintaining its guidance to sell 660,000 ounces of gold at cash operating costs of about $465 per ounce this year.
Eldorado announced several changes in its executive offices in June, including naming chief operating officer Norm Pitcher as company president.
In February, the company closed a $2.5-billion takeover of European Goldfields Ltd., which owned 95 per cent of a lead, zinc and silver mine in Greece, and also has interests in Romania.
Eldorado is a gold producing, exploration and development company with operations in Turkey, China, Brazil, Greece and Romania.
Its shares were unchanged at C$14.04 in trading Thursday on the Toronto Stock Exchange.
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