Eldorado Gold Q3 Profit Down - Quick Facts

(RTTNews) - Eldorado Gold Corp. (EGO, ELD.TO) reported that its third-quarter profit attributable to shareholders of the Company for the quarter was $36.4 million or $0.05 per share down from $75.8 million or $0.11 per share for the same quarter in 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.

Gross profit from gold mining operations fell $23.7 million year over year as a result of a 20% decline in realized gold prices year over year partially offset by a 7% decline in total cash costs. Net income for the quarter was also impacted by a non-cash $12.7 million write-down in the Company's investment in associates.

"During the third quarter Eldorado produced 204,620 ounces of gold at average cash operating costs of $472 per ounce, a 21% increase in gold production. Our gold mines continue to perform to plan and generate significant cash flows.....With its strong balance sheet and comparatively low cost gold mining operations Eldorado is well-positioned with regard to the continuing weakness in gold prices," said Paul Wright, CEO of Eldorado Gold.

Metal sales for the quarter rose to $287.25 million from last year's $281.84 million. Three analysts estimated revenues of $275.16 million for the quarter.