Nord Gold Q1 down 30% HRG is down because NORD is down and the stock does not get any respect due largely to our Russian owners. I have to believe Nord Gold will make some kind of offer in the next 6 months. I did some buying on Friday, I think HRG will move higher over the summer.
MOSCOW – Russia's London-listed Nord Gold N.V (NORD.LN), the gold producing company, said Friday its first-quarter net profit was down 30% on a year due to lower output, but it expects a strong second half.
"As we previously disclosed in our recent first quarter production report, first quarter production was impacted by mine-specific issues which have since been identified and largely fixed," Chief Executive Nikolai Zelenski said.
"However, with production now returning to our forecast rates we anticipate a strong second half to the year. We expect that the investments we have made across our portfolio will ensure we meet our 2012 and 2013 production targets," said the chief executive of Nord Gold, which separated from the country's largest steel maker OAO Severstal (CHMF.RS).
MAIN FACT:
--First-quarter net profit stood at $60 million above average analysts' projection of $51 million.
--First-quarter revenue was $264 million up from $244 million a year ago.
--Earnings before interest, taxes, depreciation and amortization, or Ebitda, was $114 million down from $135 million in the first quarter a year earlier.
--"Bissa project construction in Burkina Faso is within budget and progressing rapidly with engineering works mostly complete; on track to deliver first gold in H1 2013," the company said.
-- Nord Gold maintains 2012 production forecast range of 800,000-850,000 gold equivalent ounces.
Copyright © 2012 Dow Jones Newswires
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