Gold Fields Limited (Goldfields) has posted a massive year-on-year increase in losses attributable to shareholders, from $300 000 in 2014 to $13.9 million for the first quarter ended March 31. This, however, was an improvement on the final quarter of 2014, when losses were at $25.5 million.
Similarly, headline losses of $14.3 million reflected a drop from the $9.5 million loss posted in December 2014, while earnings had been in the black at the same time last year, at $4.8 million. That means that the company’s earnings deteriorated by 392% year-on-year.
Cash generated from operations also reflected a weak performance, with a $28.8 million net outflow markedly incomparable to net inflows of $54.3 million and $53.6 million in the previous quarter and year respectively.
Gold production also decreased by 10% quarter-on-quarter to 501 000 ounces, which, according to the statement from CEO Nick Holland was due to the seasonal weakness in South Africa due to the Christmas break and mine scheduling at the other operations.
Gold Fields’ share price took a knock in response to the results were released on Thursday morning. The share fell by 8.38% to R46.49 in the first hour of trading.