Eldorado Gold’s Q3 profit falls on iron-ore inventory write-down
TORONTO (miningweekly.com) – TSX- and NYSE-listed Eldorado Gold this week reported a 45% decline in third-quarter net profit, as it booked an inventory write-down at the Vila Nova iron-ore mine, in northern Brazil.
The Vancouver-based company, which has operations in Brazil, China, Greece, Turkey and Romania, noted a net profit of $19.8-million, or $0.03 a share, for the three months ended September 30, down 46% from $36.4-million, or $0.05 a share, in the comparable quarter last year.
Eldorado booked a noncash $7.6-million iron-ore inventory write-down owing to low iron-ore prices. The company had decided to place the mine on care and maintenance pending a review of options to return it to profitability.
On an adjusted basis, the company recorded earnings of $36.1-million, or 0.05 a share, down from 54.4-million, or $0.08 a share, in the third quarter of 2013.
Wall Street analysts had, on average, expected adjusted earnings of $0.06 a share.
Revenues fell 8% to $263.5-million, down from $287.3-million a year earlier, as gold sales were down 9% year-on-year. The company sold 189 321 oz of the yellow metal in the third quarter, down 5% from 199 117 oz in the comparable period.
Its average realised gold price was $1 274/oz, down from $1 338/oz. All-in sustaining cash costs came in at $735/oz, down 3% in the 2013 third quarter.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
