TORONTO - Barrick Gold said on Wednesday its first-quarter profit rose, driven by a surge in bullion prices, and the world's largest gold miner raised its quarterly dividend 33 percent.
Toronto-based Barrick reported net income of $1.03 billion, or $1.03 a share in the quarter that ended March 31. That is up from $1 billion, or $1 a share, a year earlier.
Excluding one-time items, the company reported earnings of $1.09 billion, or $1.09 a share. Analysts, on average, had forecast first-quarter earnings of $1.11 a share, according to Thomson Reuters.
In a nod to investors, who have been anxious for dividend increases from the cash-rich gold miner, Barrick raised its quarterly dividend payout to 20 cents a share from 15 cents. The move comes just ahead of Barrick's annual shareholder meeting that is set for later on Wednesday in Toronto.
Barrick said its average realized gold price for the first quarter was $1,691 per ounce, up more than 20 percent from year-ago levels.
Gold production in the quarter was 1.88 million ounces at total cash costs of $545 per ounce. That compares with output of 1.96 million ounces at total cash costs of $437 per ounce. Gold sales in the quarter were 1.78 million ounces, down from 1.86 million ounces.
Barrick reiterated its full-year gold production forecast of 7.3 million ounces to 7.8 million ounces, at total cash costs of $520 to $560 per ounce.
