October 31, 2008 / 12:37 PM / 9 years ago

UPDATE 1-Eldorado Gold profit rises with prices, sales

* EPS 5 cents/share vs 2 cents/share year ago

* Analysts expected 6 cents/share

* Revenue up 70 pct to $65 million (Figures in U.S. dollars unless noted)

OTTAWA, Oct 31 (Reuters) - Eldorado Gold Corp (ELD.TO) EGO.A said on Friday its third-quarter earnings more than tripled as gold sales and prices rose, and the Canadian miner maintained its 2008 production forecast.

Eldorado said it earned $17 million, or 5 cents a share, in the period ended Sept 30, compared with a profit of $5.2 million, or 2 cents a share, in the year-before quarter.

Analysts had expected a profit of 6 cents a share, on average, according to Reuters Estimates.

The company, which has assets in Turkey, China, Greece and Brazil, said revenue grew 70 percent to $65 million. It also said it expects to start up its Vila Nova iron ore project in the first quarter of 2009.

Vancouver, British Columbia-based Eldorado produced 72,343 ounces of gold at a total cash cost of $313 an ounce in the quarter. In the same period last year, it produced 61,385 ounces at a cost of $264 an ounce.

Realized gold prices rose to $870 an ounce on average from $667 an ounce.

Eldorado, whose flagship Kisladag mine in Turkey restarted in March after injunction expired, repeated its 2008 production forecast of 300,000 ounces of gold at cash operating costs of $255 an ounce. ($1=$1.23 Canadian) (Reporting by Susan Taylor, editing by Dave Zimmerman)

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