(Kitco News) – Randgold Resources (Nasdaq: GOLD) is planning to raise its dividend after record output in the fourth quarter and full-year 2015, although its net profit was down from a year ago due to weaker gold prices, the company said Monday.
The company said its profit for the October-December period was $44.5 million, down from $49.6 million in the same period a year ago. Earnings per share came in at 48 cents, compared to 54 cents in the year-ago period.
The company’s average realized gold price declined to $1,091 from $1,195 in the same month of 2014.
However, revenue rose as gold output climbed to 326,430 ounces from 287,048 in the same period a year earlier. Total cash costs fell by 10% to $632 an ounce.
Against this backdrop, Randgold proposed upping its dividend to 66 cents a share, which would be a gain of 10% from 2014. This will be put to shareholders for approval at the annual meeting on May 3.
Shares of Randgold Resources
Meanwhile, chief executive Mark Bristow described 2015 as one of the best years in the company’s history, with full-year output hitting a record 1.21 million ounces but group cash costs down 3% to $679 an ounce. However, the net profit fell to $212.8 million from $271.2 million in 2014, due to a 9% decline in gold prices.
By Allen Sykora of Kitco News; firstname.lastname@example.org