Oceana Gold reports increase in Q3 production

Company News

by Kathy Skantzos

Oceana Gold (ASX:OGC) has released its Q3 FY2017 results to September, reporting a 9 per cent quarterly increase in production, due to its stronger yields at Haile and Waihi.

Its Haile project has seen stronger performance in the past months, up 94 per cent from the previous quarter, and Waihi is up more than 40 per cent. This is offset by its other projects which have both dropped.

Revenue so far this year has reached $478.3 million, with a net profit of $83.1 million, lower than expected due to quarter end sales timing and continued capitalisation of the Haile project.

Quarterly revenue has dropped from $171.7 million in Q2 to $144.8 million this quarter.

Annual gold sales has reached 326,000 ounces after producing more than 400,000 ounces.

Shares in Oceana Gold (ASX:OGC) closed 2.5 per cent higher to $3.69.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.