Eldorado Gold profit drops on lower gold output

Fri Oct 26, 2012 9:03am EDT
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Oct 26 (Reuters) - Mid-tier gold miner Eldorado Gold Corp reported a 26 percent drop in third quarter profit on lower production and reduced sales of the precious metal.

Net earnings were $75.8 million, or 11 cents a share, in the quarter ended Sept 30. That compared with $102.5 million, or 19 cents a share, in the year-earlier period.

Revenue dropped 14 percent to $281 million.

Eldorado produced 155,123 ounces of gold in the quarter, compared with 179,195 ounces in the year-ago period. The average realized gold price dropped slightly to $1,670 per ounce in the quarter, down from $1,700 in the third quarter of 2011.