Barrick Gold Corp. reported its first-quarter profit fell compared with a year ago as its revenue also moved lower.

The gold miner, which keeps its books in U.S. dollars, says its profit attributable to equity holders amounted to US$120 million or seven cents per diluted share for the quarter ended March 31, down from US$438 million or 25 cents per diluted share in the first quarter 2022.

Revenue totalled US$2.64 billion, down from US$2.85 billion in the same quarter last year.

Gold production in the quarter totalled 952,000 ounces, down from 990,000 ounces a year earlier, while Barrick sold 954,000 ounces compared with 993,000 ounces a year earlier. The company's average realized gold price rose to US$1,902 per ounce, up from US$1,876 a year ago.

On an adjusted basis, Barrick says it earned 14 cents per share, down from an adjusted profit of 26 cents per share in the first three months of 2022.

Analysts on average had expected an adjusted profit of 11 cents per share and US$2.5 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published May 3, 2023.

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