7th Nov 2013 09:02
LONDON (Alliance News) - Randgold Resources Limited Thursday said its pretax profit fell in its third quarter compared to the previous year but increased sales and production led to positive figures in comparison to the second quarter of 2013.
The Africa-focused gold mining company said its pretax profit fell 3.8% to USD126.6 million for the three months ended September 30 from USD131.6 in the third quarter 2012. Pretax profit in the second quarter of this year was USD60.7 million.
The company said its total revenue for the third quarter increased to USD332.3 million from last year's USD288.6 million, as higher production rates offset a 3% decrease in the gold price. Randgold said its sales increased 45% in comparison to its second quarter sales figure of USD228.9 million.
However, the company said its total costs increased 22% for the quarter year-on-year to USD211.6 million from USD173.5 million as the company failed to benefit from its production inventory and was hit by increased mining and processing costs.
Gold production levels at Randgold increased 14% to 233,677 ounces in the quarter from 204,475 ounces the previous year as its Kibali site in The Democratic Republic of Congo poured first gold and started commercial production and its Loulo-Gounkoto site in Mali vastly increased production and grades.
Randgold Resources shares were up 7.1% to 4,932.00 pence, making it a top FTSE100 mover in early trading Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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