Eldorado Gold Corp. (TSX:ELD, NYSE:EGO) saw a 7% dip in profit attributable to shareholders in 2013's second quarter compared with the same period last year, the company announced this morning (August 2).
The gold-producing exploration and development company had a profit of $43.3 million in 2013’s second quarter – a 7% drop from the $46.6 million from the same period last year.
Gold sales were up by 33% from 132,919 ounces in 2012’s second quarter to 176,260 in the same period this year. However, there was a 14% fall in prices, to $1,382 from $1,612 an ounce.
Gold production increased from 140,694 ounces in 2012’s second quarter to 183,971 in the latest quarter, a 31% increase.
“Our gold mines continue to perform to plan and generate significant cash flows,” said Eldorado Gold CEO Paul Wright.
“With its strong balance sheet and comparatively low-cost gold mining operations, Eldorado is well positioned to confront the recent weakness in gold prices.”
Because of the recent decline in the price of gold, Eldorado has modified its operating plan for the remainder of 2013. Exploration spending for 2013 will be reduced by 48% from $98.5 million to $51.0 million.
Vancouver-based Eldorado has operations in Turkey, China, Greece, Brazil and Romania. As of press time, the company’s stock on the TSX was trading at $7.97 per share – an increase of 2.71% from close on the previous day.
Wright was named B.C.’s highest-paid executive in Business in Vancouver’s top 100 list last month, with remuneration of $18,661,940 in 2012.
