Eldorado Gold Turns To Loss In 2013 - Quick Facts

(RTTNews) - Eldorado Gold Corp. (EGO, ELD.TO) reported $653.3 million, or $0.91 per share of loss attributable to its shareholders in 2013, versus a $305.3 million, or $0.44 per share of profit in 2012. On an adjusted basis, net earnings totaled $192.9 million or $0.27 per share in the recent year. On average, 15 analysts polled by Thomson Reuters expected earnings per share of $0.31 for the year. Analysts' estimates typically exclude one-time items.

The major items contributing to the loss attributable to shareholders of the company were the $684.6 million impairment loss, net of tax, a $125.2 million deferred income tax charge related to a change in the Greek income tax rate, a $14.1 million impairment loss on investment in associates, and a $13.8 million unrealized loss on foreign exchange translation of deferred income tax balances, Eldorado Gold said. Other factors that hurt earnings year-over-year were higher interest and financing costs of $33.4 million related to senior notes issued by the firm in December 2012, and an increase in tax expense of $8.5 million related to withholding taxes on dividends paid by the company's units in China and Turkey to their parent companies.

Annual revenues totaled $1.12 billion, compared with $1.15 billion reported a year before, while 17 analysts estimated revenues of $1.14 billion for 2013.