(Toronto) Barrick Gold on Wednesday posted lower first-quarter profit compared to the same period last year, and its revenue also fell.

The gold company said its profit attributable to shareholders was US$120 million, or 7 cents per share, for the quarter ended March 31. That compared to a profit of $438 million, or 25 cents per share, for the same quarter in 2022.

Revenue totaled US$2.64 billion, down from US$2.85 billion in the first three months of last year.

Barrick’s gold production totaled 952,000 ounces, down from 990,000 ounces a year ago, while 954,000 ounces were sold, compared to 993,000 ounces last year. The company said its average realized price jumped to US$1,902 per ounce from $1,876 per ounce last year.

On an adjusted basis, Barrick earned earnings of 14 cents per share, down from adjusted profit of 26 cents in the first quarter of 2022.

Analysts on average had expected adjusted earnings of 11 cents per share and revenue of $2.5 billion, according to forecasts compiled by financial data firm Refinitiv.

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