(RTTNews) - Thursday after the bell, Eldorado Gold Corp. (EGO: News ), reported a higher profit for the third quarter with earnings per share inching over market consensus, as revenues for the period increased year-over-year.

Vancouver, Canada-based Eldorado's third-quarter net income was US$30.15 million or US$0.08 per share, compared with US$17.04 million or US$0.05 per share last year. On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of US$0.07 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were US$82.60 million, up from US$68.24 million in the prior year, but missing wall street estimates of US$85.17 million.

Over the quarter, the company sold 85,246 ounces of gold at an average price of US$957 per ounce, compared to 74,740 ounces at an average price of US$870 per ounce last year.

While Kisladag fields contributed 57,902 ounces of gold, Tanjianshan fields produced 31,016 ounces of gold, higher due to improved operating performance on design improvements.
The bottom-line, however, was hurt by higher operating costs at US$28.11 million compared with US$23.27 million last year. Despite higher costs, income before taxes surged more than 100% to US$35.32 million from US$16.11 last year.

Net income for the nine-month period was US$69.1 million or US$0.18 per share, compared with US$62.9 million or US$0.18 per share in the comparable period from 2008. Total revenues, however, declined to US$215.54 million from US$223.08 million in the same period, one-year ago.

EGO finished Thursday's regular trading sessions at US$11.42, up 6.73% or US$0.72, on 5.36 million shares, on the NYSE. In after-hours trading, shares appreciated further US$0.08 or 0.70%.

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by RTT Staff Writer

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