Kirkland Lake Gold Up 3.7% Premarket As Profit Triples, Production Rises And Costs Fall

Kirkland Lake Gold Inc.

KGI is an operating and exploration gold Company in Kirkland Lake, Ontario which is located in the Lower Abitibi Greenstone belt in northeastern Ontario.

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Kirkland Lake Gold Up 3.7% Premarket As Profit Triples, Production Rises And Costs Fall

posted on Feb 21, 2018 08:55AM

2018-02-21 08:46:46 AM ET (MT Newswires)

08:46 AM EST, 02/21/2018 (MT Newswires) -- Kirkland Lake Gold (KL.TO) rose 3.7% in premarket trading Wednesday as the company said its fourth-quarter profit adjusted profit more than tripled on higher production and lower costs.

The company said its adjusted net income from continuing operations, a measure that excludes most ont-time items, rose to US$71.2 million, or US$0.34 per share, from US$22.8 million, or US$22.8 million. Net income was US$41 million, or $0.20, up from US$3.1 milion, or US$0.02, in the fourth quarter of 2106.

Revenue rose 62% to $212.4 million as production rose 56% to 166,579 ounces, as the company's Australian mine began contributing to its results.

The company said the gains came on on a 23% improvement in operating costs, to US$412 per ounce.

Kirkland Lake shares were up US$0.53 to US$14.72 in premarket New York trading. The shares closed at $17.93 Tuesday on the Toronto Stock Exchange,

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