Iamgold posts drop in adjusted profit as gold sales slump costs rise

TORONTO — Iamgold Corp. is citing lower gold sales and higher exploration expenses for a drop in revenue and adjusted profit in the third quarter.The Toronto-based gold miner, which reports in U.S. dollars, says revenue came in at US$386.8-million for the quarter, down 10% from US$431.9-million year over year.Adjusted net earnings, which the company said exclude items not indicative of underlying operating performance, were US$60.2-million, or 16 cents per share for the quarter, down from US$112.4-million or 30 cents per share year over year.However, net earnings from continuing operations increased 56% to US$78-million, or 21 cents per share, from US$50-million, or 13 cents per share, in the same period last year.The company said the increase was mainly related to one-time items including higher derivative gains on commodity and foreign exchange contracts, lower income taxes and lower foreign exchange losses.Iamgold has operations in West Africa, South America and Canada.The company’s two largest operations are the Rosebel mine in Suriname and the Essakane mine in Burkina Faso.