Accessibility/Mobile Features
Skip Navigation
Skip to Content
Editorial News
Classified Sites

The Canadian Press - ONLINE EDITION

Kinross reports revenue and profit plummet in Q1; cites lower gold price

TORONTO - Kinross Gold Corp (TSX:K) has reported a big year-over-year drop in first-quarter net earnings as revenue plunged more than US$240 million, mainly as a result of lower realized prices for gold.

The Toronto-based miner said Wednesday after markets closed that net earnings attributable to common shareholders was US$31.8 million or three cents per diluted share, down from US$162.4 million or 14 cents in the same 2013 period.

Metal sales totalled US$871.4 million, down from US$1.058 billion as the average realized gold price fell to US$1,299 per ounce from $1,624 in the first quarter of 2013.

Production increased to 664,690 gold equivalent ounces from 648,897 ounces in the prior-year period.

Adjusted net earnings were $34.1 million or three cents peer share, compared with adjusted earnings of $172.4 million or 15 cents a year earlier.

"While lower gold prices affected earnings, Kinross is making steady progress to reduce costs," CEO J. Paul Rollinson said in remarks accompanying the earnings report.

"Capital expenditures for the quarter were approximately half of what they were a year ago, while our all-in sustaining cost continued to decline," Rollinson said, adding that the company had been able to reduce production cost of sales on a per ounce basis by 16 per cent at Chirano, 14 per cent at Maricunga and nine per cent at Tasiast compared with a year earlier.

"With these improvements, and strong performance from our other sites, Kinross is well on track to meet its guidance for the year," he said.

On the Toronto Stock Exchange, Kinross shares closed down eight cents, or 1.8 per cent, at $4.36 on Wednesday.

  • Rate this Rate This Star Icon
  • This article has not yet been rated.
  • We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high. If you thought it was well written, do the same. If it doesn’t meet your standards, mark it accordingly.

    You can also register and/or login to the site and join the conversation by leaving a comment.

    Rate it yourself by rolling over the stars and clicking when you reach your desired rating. We want you to tell us what you think of our articles. If the story moves you, compels you to act or tells you something you didn’t know, mark it high.

Sort by: Newest to Oldest | Oldest to Newest | Most Popular 0 Commentscomment icon

You can comment on most stories on You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

There are no comments at the moment. Be the first to post a comment below.

Post Your Commentcomment icon

  • You have characters left

The Brandon Sun does not necessarily endorse any of the views posted. Comments are moderated before publication. By submitting your comment, you agree to our Terms and Conditions. New to commenting? Check out our Frequently Asked Questions.


Make text: Larger | Smaller

Brandon Sun Business Directory
Sudden Surge: Flood of 2014
Opportunity Magazine — The Bakken
Why Not Minot?
Welcome to Winnipeg

Social Media

Canadian Mortgage Rates