Barrick earns US$194M profit, annual production expected at top end of guidance

Barrick Gold logo is seen during the company's annual general meeting in Toronto on April 28, 2015. Barrick Gold Corp. reported a second-quarter profit of US$194 million compared with a loss of US$94 million a year ago. THE CANADIAN PRESS/Nathan Denette

TORONTO - Barrick Gold Corp. reported a second-quarter profit of US$194 million compared with a loss of US$94 million a year ago.

The gold miner, which keeps its books in U.S. dollars, says the profit amounted to 11 cents per share for the quarter, compared with a loss of eight cents per share in the same quarter last year.

On an adjusted basis, Barrick says it earned $154 million or nine cents per share in the quarter, up from an adjusted profit of $81 million or seven cents per share a year ago.

Analysts on average had expected a profit of nine cents per share, according to the financial markets data firm Refinitiv.

Barrick says second-quarter production totalled 1.353 million ounces of gold compared with 1.367 million ounces in the first quarter and 1.067 million in the second quarter last year.

Barrick chief executive officer Mark Bristow says annual gold production is expected to be at the upper end of company's 2019 guidance range with costs at the lower end of the ranges.

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