Saturday, October 25th4.6°C
23711
22916

Kinross Gold adjusted earnings fall to US$32.9 million, miss estimates

TORONTO - Kinross Gold Corp. (TSX:K) had US$32.9 million of adjusted earnings in the second quarter, down 72 per cent from the same time last year and below analyst estimates.

The Toronto-based company attributed the reduced adjusted earnings to lower gold prices during the quarter. The average price that Kinross received was US$1,285 per ounce sold, down from US$1,394 an ounce in the second quarter of 2013.

Its revenue was US$911.9 million, down from US$968 million a year before.

The adjusted earnings amounted to three cents per Kinross share, which was two cents below analyst estimates of five cents per share and down from US$119.5 million or 10 cents per share reported by the company a year earlier.

Last year's second-quarter included a massive $2.433-billion writedown of Kinross's assets but there were no impairments recorded in this year's comparable period.

Kinross had $46 million of net income before adjustments, or four cents per share, in the three months ended June 30, compared with a 2013 second-quarter net loss of $2.17 per share or $2.48 billion.

The Canadian Press


Read more Business News

23015


Recent Trending




Today's Market
S&P TSX14543.82+56.99
S&P CDNX805.45-3.15
DJIA16805.41127.51
Nasdaq4483.715+30.923
S&P 5001964.58+13.76
CDN Dollar0.8901-0.0003
Gold1231.20+2.10
Oil81.02-0.73
Lumber336.40+6.80
Natural Gas3.631+0.009

 
Okanagan Companies
Pacific Safety0.105-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07+0.015
Anavex Life Sciences0.194-0.004
Metalex Ventures0.045+0.005
Russel Metals33.39+0.23
Copper Mountain Mining2.03-0.05
Colorado Resources0.145+0.005
ReliaBrand Inc0.012-0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.445+0.035

 



23890

FEATURED Property
2116809370 Stellar Drive
$583,500
more details
image2image2image2
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


22632