Globe & Mail 08:31 AM EDT, 03/19/2021 (MT Newswires) -- Karora Resources (KRR.TO) on Friday said its fourth-quarter profit rose fourfold despite weaker gold production from its Australian mines and improved prices.
The company said it earned C$42.91 million, or C$0.28 per share, in the quarter, compared with a profit of C$10.47 million, or C$0.08, in the final quarter of 2019. Sales rose 22% to C$69.35 million.
Kakora said gold sales from its two Australian mines fell 1.5% to 27,933 ounces, though its average price rose 29% to C$1,871 per ounce.
The company produced 99,249 ounces of gold in 2020 and expects that to rise to around 110,000 ounces this year.
Karora shares closed down C$0.05 to C$3.41 Thursday on the Toronto Stock Exchange
Price: 3.4100, Change: -0.0500, Percent Change: -1.45