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Friday, August 6, 2010

New Gold (AMEX:NGD) Turns it Around in Second Quarter

New Gold (AMEX:NGD) turned things around for the second quarter of 2009, where they has a net loss of $199.3 million, or $0.77 a share. This quarter they generated net earnings of $17.4 million, or $0.04 a share.

Included in the net earnings in the latest results was a pre-tax gain of $5.5 million in relationship to foreign exchange translation.

Revenue for the quarter was $112.4 million, almost double the $59.2 million last year in the same quarter.

Increases in revenue were attributed to the rising gold sales from the Mesquite mine, along with higher gold prices, which increased from $926 last year to $1,147 in the second quarter this year.

Gold sales for the quarter soared by 56 percent to 82,402 ounces, in comparison to 2009's 52,890 ounces.

Gold production increased t 89,919 ounces, an increase of 62 percent, up from 55,633 ounces last year.

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