Eldorado Gold Q4 Loss Narrows; To Pay Dividend

(RTTNews) - Canadian low-cost gold producer Eldorado Gold Corp. (EGO, EGO.TO) on Thursday reported a loss for the fourth quarter that narrowed from last year when results were impacted by a hefty impairment charge.

Fourth-quarter loss attributable to shareholders of the company was $32.5 million or $0.05 per share, narrower than loss of $1.24 billion or $1.73 per share.

During the year-ago period, the company recorded an impairment charge attributable to shareholders of the company, net of taxes, of $1.25 billion mainly related to its Skouries project.

Adjusted earnings for the latest quarter were $2.9 million, compared to adjusted loss of $19.3 million in the same period last year.

The main factors that impacted adjusted earnings for the quarter year over year were lower sales volumes partly offset by higher gold prices.

Revenues for the quarter were $140.6 million.

On February 23, 2017, the company declared that it will pay a dividend of C$0.02 per common share on March 16, 2017 to the holders of the company's outstanding common shareholders as the close of business on the record date of March 7, 2017. The company did not pay dividends to shareholders in 2016.