Eldorado Gold swings to profit in Q1
Eldorado Gold Corp. (TSX:ELD) (NYSE:EGO) posted Wednesday strong financial results for the first quarter with net profit of $31.3 million, or 4 cents per share, compared to a loss of $45.5 million, or 6 cents per share in the same period last year.
"The first quarter of 2014 proved to be another strong quarter for the company, with gold production of 196,523 ounces, representing a 20 percent increase over the first quarter 2013," said Paul Wright, Chief Executive Officer of Eldorado Gold.
Adjusted net earnings for the quarter were $37.3 million compared to $83.3 million in the first quarter of 2013.
Wright added the miner remains on track to achieve its 2014 production guidance of between 730,000 to 800,000 ounces of gold at all-in sustaining costs of $950 per ounce.
Eldorado Gold Corp.'s shares have advanced 6.03% in the last one month and 0.67% in the past three trading sessions; also, the company stock has gained 5.10% on YTD basis.
The company has been on the news since 2011 due to its developmental projects in Greece under its subsidiaries, Hellas Gold and Thracean Gold Mining. The northern region project, in Halkidiki, has caused several protests in the region in the past and divided the community between those who claim the project will create jobs and bring hundreds of millions into the struggling Greek economy.
Canadian-based Eldorado Gold has assets in Turkey, China, Greece, Brazil and Romania.