Vancouver-based Eldorado Gold Corporation (TSX:ELD) announced its third-quarter results Friday, showing a 26% decrease in net income compared with the third quarter of 2011.
Net income was US$75.8 million for the quarter, compared with $102.5 million for the same period last year. The company said the decrease was largely due to lower sales volume, but were also affected by a slide in gold prices. Gold sold for US$1,670 per ounce during the quarter, compared with US$1,700 in Q3 2011.
Earnings per share were 42% lower in the quarter when compared with the same period last year, falling from $0.19 to $0.11.
Eldorado’s chief executive officer Paul Wright said the company expects more optimistic results in Q4.
“We’ve certainly placed good grade material on the pad (and) inventory has increased over the years,” Wright said of the company’s Kisladag project in Turkey, which accounts for more than 40% of the company’s production.
“So I think it’s fair to say we’re expecting a reasonably strong fourth quarter.”
