AngloGold Ashanti Posts Q3 Profit

AngloGold Ashanti

posted a profit in the third quarter. The Johannesburg, South Africa-based company posted a quarterly net profit of $41 million, versus a loss of $80 million in the second quarter. Adjusted headline earnings came in at $2 million, versus $576 million in the year-ago period. Excluding once-off items, the company's normalised AHE came in at $66 million, or 16 US cents per share, compared to $110 million or 28 cents per share, in the year-ago quarter. The company's adjusted EBITDA rose to $400 million from $327 million in the year-ago quarter. Its costs rose 1% in the quarter versus the prior three-month period. The company's production rose to 1.128 million ounces of gold in the quarter, from 1.098 million ounces in the previous quarter. Cash inflow from operating activities was $320 million, versus $319 million in the year-ago quarter. "Our operations are firing on all cylinders," Chief Executive Officer Srinivasan Venkatakrishnan, said. "We've prioritised and have started working on a range of self-help measures to generate cash from within the current operating base to further deleverage the balance sheet over the medium term. We will also consider the sale or partnership of an operating asset, if required." For the full year, the company projects production of 4.35 million to 4.45 million ounces. AngloGold Ashanti shares fell 2.36% to close at $8.27 on Friday.