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Eldorado Gold shrinks Q4, FY'17 net loss

Eldorado Gold Corp. narrowed its net loss attributable to shareholders in the fourth quarter of 2017 to US$20.7 million, or 3 US cents per share, from a year-ago net loss of US$32.5 million, or 5 cents per share.

Adjusted losses in the quarter totaled about US$400,000, compared to adjusted earnings of US$2.9 million a year ago, due to lower sales volumes, which were partly offset by higher gold prices.

Eldorado said March 21 that it suspended the cash payment of its semi-annual dividend payment, effective the first quarter, as it waits for results of technical reports and potential subsequent capital requirements.

The company produced 84,063 ounces of gold in the fourth quarter, compared to 103,113 ounces in the corresponding 2016 quarter.

Revenue in the fourth quarter totaled US$101.4 million, on sales of 67,367 ounces of gold at an average realized price of US$1,280 per ounce.

In the full year, the Vancouver-based company's loss attributable to shareholders shrunk to US$9.9 million, or 1 cent per share, from the 2016 loss of US$344.2 million, or 48 cents per share.

The 2017 results were impacted by lower gross profit from gold mining operations, higher exploration and general and administrative costs, as well as write-downs of assets, partly offset by a gain on marketable securities related to the acquisition of Integra Gold Corp.

Full-year adjusted net earnings totaled US$15.2 million, or 2 cents per share, compared to adjusted net earnings of US$47.4 million, or 7 cents per share, in 2016.

Revenue in the 12 months totaled US$391.4 million on sales of 264,080 ounces of gold at an average US$1,262 per ounce, compared to the year-ago revenue of US$432.7 million on sales of 311,028 ounces of gold at an average US$1,249 per ounce.

Gross profit from gold mining operations totaled US$37.1 million, lower year over year, mainly due to lower sales at the Turkish mine. The company produced 292,971 ounces of gold in 2017, falling within the full-year production guidance range of between 280,000 and 310,000 ounces of gold.