Eldorado Gold Records Q3 Adjusted Net Loss of $4 Million

Eldorado Gold Corp. (TSX:ELD,NYSE:EGO) released its financial and operational results for the third quarter of 2015, commenting that it produced 183,226 ounces of gold during the period at an average cash cost of $552 per ounce. That’s down from 192,578 ounces in the year-ago quarter.
All in all, the company incurred an adjusted net loss of $4 million, or $0.01 per share, for the quarter. In Q3 2014 it recorded a profit of $36.1 million, or $0.05 per share.
Other financial highlights include:

• Gold revenues were $206.2 million (2014 – $241.2 million) on sales of 182,124 ounces of gold at an average realized gold price of $1,132 per ounce (2014 – 189,321 ounces at $1,274 per ounce).
• Loss attributable to shareholders of the Company was $96.1 million ($0.13 loss per share), compared to net profit attributable to shareholders of the Company of $19.8 million ($0.03 per share) in the third quarter of 2014.
• The Company recorded non-cash charges totaling $84.4 million to income tax expense including $63.5 million related to an increase in the corporate income tax rate in Greece, and $20.9 million related to the impact of foreign currency movements on the valuation of the Company’s tax basis of assets in Turkey, China and Brazil.
  Liquidity of $763.8 million, including $388.8 million in cash, cash equivalents and term deposits, and $375.0 million in undrawn lines of credit.

Paul Wright, CEO of Eldorado, commented:

Our consistently strong operational results underline many of the core strengths of the Company. The operational teams in Turkey and China and the international exploration team all delivered another successful quarter. In Greece, our employees and contractors are now back at work on the Skouries and Olympias projects, and mining operations have resumed at Stratoni.  The Company anticipates further positive engagement with the Greek government as we move forward with development.
Based on our continued strong results, we are upgrading our 2015 production guidance to be 710,000 ounces of gold at average cash costs of $565 per ounce and all-in sustaining costs of $870 per ounce.

Click here to read the full Eldorado Gold Corp. (TSX:ELD,NYSE:EGO) press release.