Barrick Gold (ABX) has reported a first-quarter profit that is 73% lower than a year earlier at $120 million U.S.
The Toronto-based gold miner said its Q1 profit amounted to $0.07 U.S. per share, down significantly from $438 million U.S. or $0.25 U.S. a share in the year earlier quarter.
Revenue in Q1 totalled $2.64 billion U.S., down 7% from $2.85 billion U.S. a year ago.
Analysts who cover the company had, on average, expected a profit of $0.11 U.S. per share and $2.5 billion U.S. in revenue, according to Refinitiv data.
Gold production in the quarter ended March 31 amounted to 952,000 ounces, down from 990,000 ounces a year earlier.
The company's average realized gold price rose to $1,902 U.S. per ounce, up from $1,876 U.S. a year ago.
Barrick Gold’s stock has declined 8% over the past 12 months to trade at $27.22 per share.
