TORONTO – Yamana Gold Inc. (TSX:YRI) had US$43.3 million of adjusted earnings in the second quarter, which was down from a year earlier amid lower revenue and realized gold prices.
The Toronto-based company’s adjusted earnings amounted to five cents per Yamana share — a penny above the general estimate of four cents per share, but down from US$50.2 million or seven cents per share a year earlier.
Under standard accounting that includes costs associated with an acquisition during the quarter, Yamana’s net income was $5.1 million or one cent per share, which compared with a year-earlier net loss of $7.9 million or one cent per share.
During the quarter, Yamana partnered with Agnico Eagle Mines (TSX:AEM) to buy Montreal-based Osisko, which owns the Canadian Malartic mine in northern Quebec and a development project near Kirkland Lake in Ontario.
Yamana’s revenue for the three months ended June 30 was US$450.8 million, up from $430.5 million but nearly $20 million less than analyst estimates of about $470 million.
Yamana’s production totalled the equivalent of 331,765 ounces of gold, up from 295,545 a year earlier. But the average price that Yamana received declined to US$1,292 per ounce from $1,385 per ounce.