OceanaGold profit nearly doubles to $95.6M

OceanaGold (Philippines), Inc. nearly doubled its net income to $95.6 million in the first nine months of the year from $49 million a year earlier, supported by stronger revenues and higher gold prices.

In a disclosure to the stock exchange on Thursday, the operator of the Didipio gold-copper mine reported a 37 percent increase in revenues to $434.4 million from $317.2 million in the same period last year.

Free cash flow also climbed to $113.7 million from $86.7 million, despite lower gold and copper production.

Gold output declined to 64,500 ounces from 66,900 ounces, while copper production slipped to 9,300 tonnes from 10,200 tonnes.

For the third quarter alone, net income rose to $28.3 million from $27 million a year earlier, while revenues increased to $149.1 million from $141.7 million.

OceanaGold Philippines President Joan Adaci-Cattiling said the company remains on track to meet its full-year production and cost targets, with output expected to increase in the fourth quarter as underground mining operations improve.

“During the third quarter, we continued the safe and responsible production of gold and copper in line with our guidance. With today’s gold prices and another solid quarter of operating performance, we generated strong Free Cash Flow of $51M and announced another healthy quarterly dividend for our shareholders,” she said.

The company also declared a third-quarter dividend of $26 million, equivalent to $0.0114 per share or approximately P0.7295 per share.
Shareholders on record as of 19 November will receive the dividend on 17 December, with payments in pesos based on the prevailing exchange rate.