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Endeavour Mining PLC on Thursday reported a rise in quarterly profit despite revenue falling as gold production declined.
The gold miner, with assets in nations including Senegal and Burkina Faso, said pretax profit rose to $60 million in the quarter ended on March 31 from $51 million a year before and compared to a $299 million loss in the fourth quarter.
Revenue fell to $591 million from $689 million a year before, as earnings from mine operations fell to $189 million from $276 million.
Gold production fell 16% year-on-year to 301,000 ounces from 357,000 ounces, but realised gold price rose 7.3% from the previous quarter of $1,758 to $1,886 per ounce. However, the gold price was down from $1,891 per ounce a year earlier.
All-in sustaining cost per ounce for the quarter rose to $1,022 from $954 in the fourth quarter and from $848 a year earlier.
While operating expenses rose to $234 million from $220 million a year earlier, loss on financial instruments narrowed substantially to $73 million from $179 million.
Chief Executive Officer Sebastien de Montessus said: ‘During the quarter, we continued to deliver in line with our expectations and we remain well positioned to unlock near-term value for all of our stakeholders. We began the year with momentum and financial strength, positioning us to deliver against this year‘