Randgold Resources Limited. (GOLD, RRS.L) reported that its first-quarter profit before income tax declined to $85.37 million from $109.98 million in the year ago quarter.
Profit attributable to Owners of the parent was $69.65 million, down from $89.38 million in the prior year quarter. On a per share basis, profit slide to $0.75 from $0.96 last year.
Total revenues for the quarter grew to $284.69 million from $234.29 million in the prior year.
The prior year results have been restated to reflect adoption of IFRS 11 Joint Arrangements.
Gold sales for the quarter decreased by 19% from the previous quarter largely due to a 16% decrease in ounces sold following lower grades and recoveries achieved at the Loulo-Gounkoto complex during the quarter, as well as a result of the higher gold on hand which remained at period end.
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