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B2Gold swings to profit in Q2, H1

B2Gold Corp. swung to a net profit attributable to shareholders of US$21 million, or 2 U.S. cents per share, in the second quarter, from a net loss of US$10.3 million, or 1 cent apiece, a year ago.

The quarter's results included an unrealized gain on fair value of convertible notes of US$2.5 million, compared to an unrealized loss of US$37.4 million in the prior-year quarter.

Gold revenue in the three months remained relatively flat year over year at US$164.3 million, according to the company's Aug. 9 release.

Cost of sales increased to US$131.5 million in the quarter, from US$110.6 million a year ago.

As a result, gross profit dropped to US$32.9 million, from US$54.2 million in the year-ago quarter.

Operating income fell to US$19.4 million in the three months, from the year-ago operating income of US$35 million.

B2Gold's production in the second quarter totaled 121,448 ounces of gold, 1% above budget due to strong performances at the Masbate mine in the Philippines and the Otjikoto mine in Namibia.

In the first half of 2017, B2Gold swung to a net income attributable to shareholders of US$15.5 million, or 2 cents per share, from a US$2 million net loss a year ago.

Gold revenue slightly edged up to US$310.6 million in the six months, compared to US$309.1 million in the prior-year half.