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Monday, March 22, 2010

Eldorado Gold (TSE:ELD) Net Income Down in 2009

Eldorado Gold Results

Eldorado Gold (TSE:ELD) generated net income of $102. million for the year, or 26 cents a share. That's down significantly from teh $163.7 million generated in 2008, but that was mostly due to the sale of Sâo Bento.

Sino Gold didn't help the company in 2009 either, suffering a net loss of $3.3 million.

For the most recent quarter, net income at the company grew to $33.3 million or 8 cents a share, an increase over the fourth-quarter income of $28.2 million in 2008, although that also was 8 cents a share as well.

Overall revenue in the fourth-quarter increased by 126 percent during that period.

Cost per ounce this year is estimated at $385 to $400, while looking to reduce production costs from $315 to $325 in 2011.

The average realized gold price increased $995 an ounce.

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