Bloomberg News

Nordgold First-Quarter Profit Falls 30% on Lower Production

May 18, 2012

Nordgold NV, a London-listed gold producer controlled by Russian billionaire Alexey Mordashov, said first-quarter profit fell 30 percent on lower output.

Net income dropped to $60 million from $85 million a year earlier, it said today in a statement. Earnings before interest, taxes, depreciation and amortization declined 15 percent to $114 million, while revenue rose 8 percent to $264 million.

Output slid 10 percent to 156,200 ounces on “mine-specific issues,” the company said, restating the figure of 155,700 ounces for the period that Nordgold reported on April 24.

To contact the reporter on this story: Yuliya Fedorinova in Moscow at yfedorinova@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net


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