(Toronto) Barrick Gold on Wednesday posted first-quarter earnings down from the same period last year, and its revenue also fell.
The gold company said its profit attributable to shareholders was $120 million, or 7 cents per share, for the quarter ended March 31. That compared to a profit of $438 million, or 25 cents per share, for the same quarter in 2022.
Revenues totaled US2.64 billion, down from US2.85 billion in the first three months of last year.
Barrick’s gold production totaled 952,000 ounces, down from 990,000 ounces a year ago, while 954,000 ounces were sold, compared to 993,000 ounces last year. The company said its average realized price rose to US$1,902 an ounce from $1,876 an ounce last year.
On an adjusted basis, Barrick earned earnings of 14 cents per share, down from adjusted profit of 26 cents in the first quarter of 2022.
Analysts on average had expected adjusted earnings of 11 cents per share and revenue of $2.5 billion, according to financial data firm Refinitiv.
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