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UPDATE 1-Iamgold profit plummets after production, prices fall
May 7, 2013 / 10:31 PM / 4 years ago

UPDATE 1-Iamgold profit plummets after production, prices fall

* First-quarter revenue falls 14 percent to $305.3 mln

* Net earnings 3 cents/shr vs 32 cents/shr year ago

* Average realized gold price declines 4 percent

May 7 (Reuters) - Canadian miner Iamgold Corp reported a 91 percent fall in first-quarter profit due to lower gold production and a decline in price of the precious metal.

The company’s net earnings attributable to equity holders fell to $10.9 million, or 3 cents per share, from $119.2 million, or 32 cents per share, a year earlier.

On an adjusted basis, the company earned 15 cents per basic share.

Revenue fell 14 percent to $305.3 million.

Iamgold, which has six operating gold mines in the Americas and Africa, said attributable gold production for the quarter fell 9 percent to 188,000 ounces.

Gold price fell 3.5 percent to average $1631.33 per ounce during the first quarter from a year earlier.

The company’s average realized gold price fell 4 percent to $1,631 per ounce sold.

However, Iamgold backed its 2013 annual gold production forecast of 875,000 to 950,000 ounces.

Shares of the company, which has a market value of about $2 billion, closed at C$5.39 on the Toronto Stock Exchange on Tuesday.

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