Great Panther Reports 1Q Loss On Acquisition Charges, Lower Metals Prices
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Great Panther Mining Ltd. (TSX: GPR; NYSE American: GPL) reports a loss for the first quarter although some of this was costs associated with the purchase of Beadell Resources and its Tucano Mine in Brazil, Great Panther says. “The acquisition of the Tucano Mine transforms Great Panther into a 200,000-gold-equivalent-ounce-per-year intermediate precious-metals producer with diversified operations in leading Latin American jurisdictions," says James Bannantine, president and chief executive officer. "The transaction, which closed on March 5th and contributed to Great Panther's results from that date, added modestly to first-quarter results." The company lists a first-quarter net loss of $9.1 million, or 5 cents per share, compared to net loss of $0.1 million, or zero cents, in the same period a year ago. Much of the change was due to $2.6 million in acquisition costs for Beadell, a $3.3 million decrease in finance and other income, and a $2.4 million decrease in mine operating earnings, the company says. Great Panther reports first-quarter gold-equivalent output of 14,860 ounces, up from 13,928 in the same period a year ago. However, revenue of $16.7 million was a year-on-year decline of $0.3 million or 2%. This was primarily the result of lower metals prices and higher smelting and refining charges, Great Panther says. The company realized an average gold price of $1,294 per ounce and silver price of $14.79 per ounce, down 5% and 10%, respectively, from a year ago.