LONDON (dpa-AFX) - African Barrick Gold plc, (ABG.L), a gold producer in Africa, Thursday reported a decrease in pre-tax profit for the first quarter mainly attributing to lower revenues.
The company recorded pre-tax profit of $30.4 million compared to $60.2 million last year quarter. This was primarily due to the lesser revenues of $254.6 million compared to $267.5 million reported prior year.
The firm reported net earnings of $20.7 million or $5.1 per share compared to $40.3 million or $9.8 per share corresponding year quarter. The company recorded EBITDA of US$81.9 million. The company recorded Gold Production of 146,105 ounces compared to 144,643 ounces last year.
Excluding Tulawaka mine, the company reported net earnings of $31.2 million and EBITDA of US$88.8 million. The sale of Tuluwaka mine also affected the profit, as Production and sold ounces reflect equity ounces which exclude 30 percent of Tulawaka's production and sales base.
Greg Hawkins, Chief Executive Officer of the company stated that the firm has ceased operations in Tuluwaka mines and is in talks with the government for the closure of the sale.
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