Nordgold Q3 Profit up 33% to $58 Mln

MOSCOW, November 16 (RIA Novosti) – London-listed Russian gold miner Nordgold posted a third-quarter IFRS net profit of $57.962 million, up 32.5 percent year-on-year, the company said on Friday.

That was above a consensus forecast by analysts who had expected a profit of just $52.70 million.

Nordgold, owned by Alexander Mordashov, earned revenues of $322.50 million in the third quarter, up 27.3 percent on the year, while EBITDA rose 18.2 percent to $131.54 million.

Gold production for the third quarter stood at 194,000 ounces, up 17 percent on the previous quarter and 9 percent on the same quarter in 2011, the company said.

Net profit for the first nine months of 2012 rose 29 percent year-on-year to $123.2 million, with revenue for that period up 7 percent to $851.07 million and EBITDA down 8 percent to $349.19 million.

The company says it anticipates that gold production for the whole year will be close to the lower limit of its previously stated range of 720,000-770,000 ounces.

Nordgold mines in West Africa, Russia and Kazakhstan.


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