Randgold Posts Drop In Q3 Profit

Randgold Resources

reported a drop in its net profit for the third quarter versus the year-ago period. The company posted a quarterly net profit of $58 million, versus a profit of $53 million in the second quarter. EPS rose to $0.63 from $0.57 in the second quarter. Analysts were expecting earnings of $0.71 per share. The company posted a net profit of $81.3 million, or $0.88 per share in the year-ago quarter. Profit before income tax fell to $79.633 million versus $126.640 million in the last year. Total revenue fell to $283.234 million from $332.309 million in the year-ago period. Gold production surged to 299,320 troy ounces versus 233,677 ounces. Average gold price received fell to $1,277 per ounce versus $1,327 ounce last year. Total cash costs declined 1.3% to $692/oz versus the second quarter. “With production standing at 860 366 ounces at the end of September, we're well on our way to passing the million-ounce landmark before the end of this year. It's been another challenging quarter but our operations have done well and it's particularly gratifying to note that despite the growth of the scale and complexity of our operations, our safety record continues to improve,” Dennis Mark Bristow, CEO of Randgold said. Randgold shares fell 0.99% to close at $59.16 yesterday.