Randgold Resources Q1 Profit Down 22%; Affirms FY Production Outlook

(RTTNews) - Gold producer Randgold Resources Limited (RRS.L, GOLD) Thursday reported a 22 percent decline in profit for the first quarter from last year, while gold production also decreased. However, the Group affirmed its production guidance for the full year.

For the first quarter, the Group's profit decreased to $66.5 million from $84.9 million in the year-ago period, mainly reflecting a decrease in profit from mining.

Profit attributable to equity shareholders declined to $57.5 million from $69.8 million last year. Basic earnings per share decreased by 18 percent from the year-ago period to $0.61.

Gold production during the quarter fell to 286 890 ounces from 322 470 ounces in the year-ago period. Total cash costs rose 16 percent to $720/oz from $619/oz last year.

Total revenues for the quarter fell to $273.3 million from $316.7 million a year ago.

At the recently held AGM, the company's shareholders approved the 2017 dividend of $2 per share, a 100 percent increase on the previous year.

Looking ahead, the company its 2018 production guidance remained intact despite a softer first quarter in which it contended with multiple challenges.