09:32 AM EDT, 10/25/2018 (MT Newswires) -- Detour Gold (DGC.TO), in the midst of a proxy fight with a major shareholder, on Thursday said its third-quarter profit dropped 69% despite higher production as costs rose, pushing its shares down 5% at market open.
The company said its net income fell to $12.7 million, or $0.07 per share, from $41.1 million, or $0.24, in the third quarter of 2017. Its adjusted loss was $1.5 million, or $0.01, compared with an adjusted profit of $27.1 million, or $0.15, in the year-prior quarter. Revenue rose 3.7% to $170 million.
The company said all-in sustaining costs rose by a third to $1,377 per ounce as it processed less ore and needed to remove more overburden at its Ontario gold mine.
Detour, which is in the midst of a fight with New York hedge fund Paulson & Co, which is seeking the removal of directors as the shares dropped by more than a fifth in the past year, reiterated its 2018 production guidance of about 515,000 ounces,
The company's shares opened down $0.54 to $10.24 on the Toronto Stock Exchange.
Price: 10.78, Change: -0.42, Percent Change: -3.75
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