LONDON (dpa-AFX) - African Barrick Gold Plc's (ABG.L, ABGLF.PK) third-quarter profit attributable to owners of the parent fell to $17.8 million, or 4.3 cents per share, from $23.8 million, or 5.8 cents per share, in the same quarter last year. On an adjusted basis, net earnings stood at $39.1 million, or 9.5 cents per share, after one-off adjustments mainly relating to the Tulawaka closure and the Operational Review.
Pre-tax profit for the tri-monthly period was $31.25 million, versus $33.89 million reported a year before.
Also, quarterly revenue dropped 17% year-over-year to $221.15 million, from $264.93 million, as the rise in gold sales for the quarter was more than offset by a 22% drop in the average realised gold price. Realised prices were below the average gold price for the quarter due to sales being skewed towards the quarter-end when the gold price was lower, the company said.
Looking ahead, the firm remains on track to deliver target of more than $100 million in cost reductions by the end of 2013.
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© 2013 AFX News
