OceanaGold Q3 profit falls on lower gold price; shares drop

Thu, 30 Oct 2014

By Suze Metherell Oct. 31 (BusinessDesk) - Oceana Gold, which operates the Macraes goldfield in Otago, reported a 61 percent drop in third quarter profit as a lift in production in its Philippines operations was offset by declining gold prices. The company's shares fell. Net profit fell to US$16.9 million, or 5 cents per share, in the three months ended Sept. 30, from US$43.7 million, or 14 cents per share, in the same period a year earlier, the Melbourne-based company said in a statement. Sales dropped 22 percent to US$123 million. The c...

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