ELDORADO GOLD CORP /FI (EGO) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $2.67 million in the quarter, against a net loss of $3.89 million in the last year period.
Revenue during the quarter grew 18.15 percent to $111.88 million from $94.69 million in the previous year period. Gross margin for the quarter expanded 774 basis points over the previous year period to 38.55 percent. Total expenses were 85.70 percent of quarterly revenues, down from 91.93 percent for the same period last year. This has led to an improvement of 623 basis points in operating margin to 14.30 percent.
Operating income for the quarter was $16 million, compared with $7.64 million in the previous year period.
"We have had a very successful first quarter of the year, with progress made at all of our development projects," said Paul Wright, president and chief executive officer. "Commissioning is underway at Olympias Phase II in Greece and we remain on track for declaring commercial production in the third quarter of this year. At Skouries, work continued during the quarter and we are still aiming for production in 2019. Both Tocantinzinho and Certej are progressing with engineering optimizations. As I leave my current role, I am confident that the incoming President & CEO, George Burns, and the Eldorado team are well positioned to continue to grow our company in a manner that provides significant additional value for shareholders."
Operating cash flow improves significantly ELDORADO GOLD has generated cash of $47.77 million from operating activities during the quarter, up 536.90 percent or $40.27 million, when compared with the last year period.
The company has spent $276.22 million cash to meet investing activities during the quarter as against cash outgo of $64.73 million in the last year period.
Cash flow from financing activities was almost stable for the quarter at $12.10 million, when compared with the previous year period.
Cash and cash equivalents stood at $642.62 million as on Mar. 31, 2017, up 178.24 percent or $411.66 million from $230.96 million on Mar. 31, 2016.
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