In Q1, Nordgold reduced net profit by 51%
Edited by Rhod Mackenzie / 2016-05-16 01:15:00
Finance Metals and mining Russia Russia mineral extraction Financial results Russia Metals and Mining Gold
In the first quarter of 2016, Nordgold NV of Alexei Mordashov reduced its net profit by 51% to 41.1 million, EBITDA by 36% to 119.3 million dollars, the revenues by 29% to 250.5 million dollars, the company reported.
The decrease in all indicators compared to the first quarter of 2015 was caused by the growth in the production and sales of refined gold in the given period by 24.5 thousand ounces of refined gold and 28.5 million ounces of Dore gold, produced at the end of 2014 and sold in the first quarter of 2015.
In comparison with the fourth quarter last year, the net profit grew more than 5 times in the first quarter of this year, EBITDA by 28%, while the revenues decreased by 5%.
