November 3, 2011 / 2:39 PM / 6 years ago

CORRECTED - UPDATE 2-Eldorado profit up on gold price

(Corrects headline and text to make clear production outlook cut was announced in October, not on Thursday)

* Revenue up 71 percent to $326.1 million

* Shares down 0.96 percent at C$19.66 on TSX (Adds details. In U.S. dollars unless noted)

TORONTO, Nov 3 (Reuters) - Eldorado Gold (ELD.TO) said on Thursday its third-quarter profit rose nearly 50 percent on a surge in the price of bullion.

Net income in the quarter ended Sept. 30 rose to $102.5 million, or 19 cents a share, up from $69.6 million, or 13 cents, in the year-earlier period.

Revenue rose 71 percent to $326.1 million, as the average realized price of gold soared to $1,700 an ounce from $1,231 in the year-earlier quarter.

    Shares were down 19 Canadian cents to C$19.66 on Thursday morning on the Toronto Stock Exchange.

    In October, Eldorado cut its full year outlook to 650,000 ounces, down from a first-quarter forecast of 715,000-770,000 ounces and a second-quarter forecast of 700,000-725,000 ounces.

    Eldorado, which operates gold mines in China and Turkey, said it produced a record 179,195 ounces of gold in the third quarter, up 18 percent from 151,297 ounces a year earlier.

    Total cash costs for gold produced rose to $463 an ounce from $431 in the third quarter of 2010.

    $1=$1.01 Canadian Reporting by Julie Gordon and Euan Rocha; editing by Peter Galloway

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below