Eldorado Gold Corp. (ELD.TO) has swung to a big loss in the fourth quarter and for the year as a whole, citing huge impairment charges totalling more than $1.5-billion in 2015.
In the fourth-quarter, the Vancouver-based miner said the loss attributable to shareholders was $1.23-billion or $1.73 per share, as compared with a net profit of $13.9-million or two cents per share in the year-earlier quarter.
The adjusted loss was $19.3-million as compared with adjusted net earnings of $29.4-million in the 2014 period, the company said in a statement Wednesday after markets closed.
It said the main factors affecting earnings included an impairment charge net of taxes of almost $1.25-billion, along with lower gold sales volumes and prices.
For the year as a whole, the company recorded non-cash impairment charges totalling $1.05-billion in property, plant and equipment (net of deferred income tax recovery) along with $476-million in goodwill mainly related to Greece, where it has been in conflict with regulators.
The loss attributable to shareholders for the year was $1.54-billion or $2.15 per share, compared with a profit $102.6-million or 14 cents per share for all of 2014.
Adjusted net earnings for the year were $13.2-million or 2 cents per share, down from $138.7-million or 19 cent per share in 2014.
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