Barrick reports Q2 profit up from year ago, realized gold price up 30 per cent

Barrick reports Q2 profit up from year ago, realized gold price up 30 per cent
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TORONTO — Barrick Gold Corp. reported a second-quarter profit of US$357 million, up from $194 million in the same quarter last year, as its realized gold price climbed 30 per cent.

The Toronto-based gold miner, which keeps its books in U.S. dollars, says it earned 20 cents per share for the quarter ended June 30 compared with a profit of 11 cents per share a year ago.

Revenue totalled $3.06 billion, up from $2.06 billion a year ago. The increase came as the company’s realized gold price rose to US$1,725 per ounce, up from, US$1,317 in the same quarter last year.

On an adjusted basis, Barrick says it earned 23 cents per share for the quarter, up from an adjusted profit of nine cents per share in the second quarter last year.

Analysts on average had expected an adjusted profit of 19 cents per share for the quarter, according to financial markets data firm Refinitiv.

Barrick said it is on track to achieve annual production within its 2020 guidance range, despite the COVID-19 pandemic.

It said second-quarter results show year-to-date gold production of 2.4 million ounces, the mid-point of its 4.6 million to five million ounce annual guidance.

This report by The Canadian Press was first published Aug. 10, 2020.

Companies in this story: (TSX:ABX)

The Canadian Press

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