Barrick Profit Tops Estimate on Higher Gold Price |
| BusinessWeek - Apr 28, 2010 |
Barrick Gold Corp., the world’s largest bullion producer, reported first-quarter profit that beat analysts’ estimates as prices and sales of the precious metal climbed.
Net income more than doubled to $758 million, or 76 cents a share, from $371 million, or 42 cents, a year earlier, Toronto- based Barrick said today in a statement. Profit excluding some items was 75 cents a share, topping the 63-cent average estimate of 18 analysts surveyed by Bloomberg. Sales rose 44 percent to $2.56 billion
Chief Executive Officer Aaron Regent is benefiting from gold prices that hit a record $1,227.50 an ounce on Dec. 3, driven by demand for a hedge against inflation and volatility in other markets. Barrick’s average realized gold price rose 22 percent from a year earlier to a record $1,114 an ounce while gold sales increased 21 percent to 2.07 million ounces.
Read Full Article from BusinessWeek
- Posted: 2010-04-28 10:01:17
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