Asanko Gold 2Q Adjusted Net Profit Rises
(Kitco News) - Asanko Gold Inc. (TSX, NYSE American: AKG) reports a rise in its second-quarter adjusted profit and says output for the first half of 2018 was above guidance. The producer lists a net loss of $142.3 million, compared to net income of $0.6 million in the year-ago period. The red bottom line was due to a $144.6 million loss on reclassification of Ghanaian subsidiaries to net assets held for sale, resulting from the Gold Fields joint-venture transaction, Asanko says. Excluding special items, adjusted net income was $2.3 million, or a penny per share, up from $0.7 million, or zero cents, in the second quarter of 2017. “The mine’s solid operational performance for the quarter, predominantly the mill’s fantastic performance and Nkran resuming steady-state operations, enabled us to beat the top end of our guidance for the first half of 2018, producing 101,731 ounces at [all-in sustaining costs] of $1,145/oz,” says Peter Breese, president and chief executive officer. “We are well positioned to meet our H2 2018 and full-year guidance.” The company says April-June gold production of 53,501 ounces was up from 46,017 in the same quarter a year ago.