Friday, October 24th0.2°C
23840
22952

Barrick Gold's adjusted profit falls to US$159 milion, misses analyst estimates

TORONTO - Barrick Gold Corp. (TSX:ABX) had a US$269-million net loss and $159-million of adjusted earnings in the second quarter, missing analyst estimates on both counts.

The adjusted profit amounted to 14 cents US per share, down from 66 cents a year earlier and two cents a share below analyst estimates.

Net loss per share was 23 cents per share, far less than the net loss of $8.56 billion or $8.55 cents a year before. But analysts had been looking for a net profit of 19 cents per share, according to data compiled by Thomson Reuters.

The net loss before adjustments included a $514-million writedown of the Jabal Sayid copper project in Saudi Arabia, partially offset by other items.

Barrick attributed its reduced adjusted profit to lower gold and copper prices as well as lower sales volumes compared with the second quarter of 2013.

The Toronto-based mining company's revenue for the three months ended June 30 was US$2.43 billion, which was down from $3.2 billion a year earlier but in line with estimates.

Analysts had estimated Barrick's revenue would be about $2.44 billion and its adjusted earnings per share would be 16 cents.

As analysts anticipated, the company also said Wednesday that it's working to bring down its costs.

The company is reducing its capital spending budget by $200 million to a range of between $2.2 billion and $2.5 billion.

It also said the average cost of producing an ounce of gold in 2014 will be lower than previously estimated.

The Canadian Press


Read more Business News

23433


Recent Trending




Today's Market
S&P TSX14486.83+174.76
S&P CDNX808.600.60
DJIA16696.8218.92
Nasdaq4457.871+5.079
S&P 5001952.82+2.00
CDN Dollar0.8928+0.0024
Gold1233.10+4.00
Oil80.63-1.12
Lumber334.10+4.50
Natural Gas3.584-0.038

 
Okanagan Companies
Pacific Safety0.11-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.17+0.02
Cantex0.0550.00
Anavex Life Sciences0.1980.00
Metalex Ventures0.04-0.01
Russel Metals33.16+0.63
Copper Mountain Mining2.08-0.02
Colorado Resources0.14-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.41+0.005

 



23658

FEATURED Property
20901692680 Ross Road
5 bedrooms 3 baths
$749,000
more details
image2image2
Click here to feature your property
Please wait... loading


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...


We can get on together

I was in LA this week. I witnessed such crazy and unusual circumstances as I strolled along Hollywood Blvd and Sunset Blvd. A far cry from sleepy Peachland in the Okanagan! The strange thing was, I f...


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...

_








Member of BC Press Council


22771