Eldorado Gold Corp. (TSX:ELD) turned a 2006 first quarter loss into a 2007 first quarter profit on the strength of increased gold production and higher gold prices.
Quarterly net earnings for the Vancouver-based company rose to $12.6 million compared with a net loss of $7.5 million. Revenue for its first quarter increased to $41.5 million compared with $8.6 million in 2006's first quarter.
Much of Eldorado's additional first quarter gold production, which jumped to 88,780 ounces from 19,111 ounces in 2006's first quarter, came from its Kiladag gold mine in Turkey and its Tanjianshan mine in China.
The increase also reduced the company's overall per-ounce production costs from an average $438 to $270.
Eldorado realized an average price per-ounce of $647 compared with $549 in 2006's first quarter.
Eldorado's share price range during the past week: between $6.31 and $6.57; 52-week high: $7.60; 52-week low: $4.32.