Eldorado Gold (TSE:ELD) First Quarter Earnings Up

Eldorado Gold (TSE:ELD) (NYSE:EGO) (ASX:EAU) reported first-quarter earnings of $52.8 million, or 10 cents a share, way up from the same quarter last year where profits were $13.1 million, or 4 cents a share.

Gold production for the quarter reached a record 164,928 ounces, at a cash operating cost of $371 an ounce.

Eldorado sold 163,446 ounces of gold at an average price of $1,110 an ounce for the quarter.

After the strong quarter, Eldorado President and CEO, Paul Wright, increased production guidance to 575,000 to 625,000 ounces of gold. Operating cost guidance was reduced to $375 - $395 an ounce.

Confident in their future, Wright also said they're about to implement a dividend policy.