OCEANAGOLD (Philippines), Inc.’s attributable net income rose to $3.6 million for the third quarter (Q3) amid a double-digit increase in revenues.
In a disclosure to the stock exchange, the gold and copper producer said that its net income grew by over seven times from $500,000 last year.
The increase may be attributed to a 27% surge in revenues to $102.1 million for the three months ended September from $80.4 million a year prior.
Its top line also dampened the impact of the 24% increase in the cost of sales to $62.1 million from $50.1 million last year.
The company’s third-quarter gold production was higher than the second quarter due to 25% higher mill feed volumes, the company said.
However, the company’s gold production was lower by 8% versus last year, which it said was due to 9% lower ore tons mined from underground.
“Gold production increased by 21% compared to the prior quarter, and optimization work to increase mining rates from the underground is on track to achieve two million tons per annum by the end of the year,” OceanaGold President Joan D. Adaci-Cattiling said.
For the first nine months, OceanaGold saw an 11% decline in its attributable net income to $29.2 million from $32.7 million last year.
The company saw a 1% increase in revenues to $263 million.
In a press release, the company announced its second dividend of $31.5 million, or $0.0138 per common share.
“I am very pleased to declare our second dividend since becoming a public company in May. The dividend declared this quarter equates to an annualized yield of over 20%,” said Ms. Adaci-Cattiling.
“We remain focused on safely and responsibly delivering our updated production guidance while generating returns for our shareholders,” she added.
On Thursday, shares in OceanaGold fell by 4.24%, or 66 centavos, to close at P14.90 each. — J.I.D. Tabile
