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Kinross Q1 net profit surges to US$150 million on 12 per cent increase in revenues


TORONTO — Kinross Gold Corp. says its net income attributable to shareholders surged in the first quarter due to higher price for the precious metal.

The Toronto-based miner says it earned US$149.5 million or 12 cents per diluted share for the three months ended March 31, up from US$122.7 million or 10 cents per share a year earlier.

Reporting in U.S. dollars, Kinross says its adjusted profits grew 51 per cent to US$192.8 million from US$127.4 million in the prior year. That translated into adjusted profits of 15 cents per share, up from 10 cents per share in the first quarter of 2020.

Revenues were up 12 per cent to US$986.5 million from US$870.8 million.

Kinross was expected to report 16 cents per share in adjusted profits on US$1.075 billion in revenues, according to financial data firm Refinitiv.

The company produced nearly 558,800 gold equivalent ounces of gold at an all-in sustaining cost per equivalent ounce of US$975. The average realized gold price increased 13 per cent to US$1,787 per ounce, compared with US$1,581 per ounce for the same period in 2020.

“Our diversified portfolio of mines performed well to start the year, as we continued to mitigate the impacts of COVID-19 across all our operations and projects," stated CEO J. Paul Rollinson.

"We are well-positioned to continue generating strong cash flow through the year, are on track to meet our annual guidance, and we are in an excellent financial position." 

This report by The Canadian Press was first published May 11, 2021.

Companies in this story: (TSX:K)

The Canadian Press

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