OceanaGold 2Q profit plunges 82% on falling gold prices, posts 1H loss

Thu, 26 Jul 2012

By Paul McBeth July 27 (BusinessDesk) - OceanaGold Corp, which operates the Macraes gold field near Dunedin, saw second-quarter profit plunge 82 percent as falling gold prices eroded earnings and led to a six-month loss. Net profit was US$735,000 in the three months ended June 30, down from US$4.1 million in the same period a year earlier, the Melbourne-based company said in a statement. That was an improvement on the first three months of the year when its bottom line sank into the red. The gold miner reported a net loss of US$3.1 million f...

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