Gold Mining Company Barrick Gold Corp. said Thursday that second-quarter profit rose 59 percent as the profit from both rising production costs and rising gold prices. The Toronto-based company earned $ 783,000,000, or 79 cents per share for the quarter ended June 30. That was up from 492 million U.S. dollars, or 56 cents per share during the same period last year. Adjusted for one-time items, the company said it would be $ 759,000,000, or 77 cents per share earned. That hit on the estimate of 71 cents per share predicted by analysts.
Revenues rose 34.4 percent to 2.64 billion U.S. dollars from 1.97 billion U.S. dollars last year.
Gold production rose 4.1 percent to 1.94 million ounces from 1.87 million ounces a year earlier. On average, collected $ 1,205 per ounce, up 29.4 percent from $ 931 during the same period last year.
Gold production rose 3.7 percent to $ 589 per ounce.
She said it expects full year production of 7.6 to 8 million ounces.
The company said it will begin paying a quarterly dividend of 12 cents per share, after paying dividends half years before. The new dividend will be paid Sept. 15 to shareholders of record on August 31.
“With a strong financial position of Barrick and its positive outlook on the gold price, the company can continue to make high return investments in its project pipeline and at the same time, dividend increases,” Barrick said in a statement.
Barrick shares rose 51 cents to close Thursday to $ 40.54.
source:bussiness week
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