Dallas, Texas 02/28/2014 (FINANCIALSTRENDS) – Yamana Gold Inc. (USA) (NYSE:AUY) reported its fourth quarter and full year operations results on 18th February this year. The highlight of the conference call was the dip in revenue for the quarter and full year to $420.7 million and $1.84 billion respectively. It reported net loss for the fourth quarter to the tune of $583 million which grows to $620 million loss for the full year. Loss per share was 78 cents for the fourth quarter, while for the full year, the earnings loss was 59 cents. Cash flow for the full year was $707 million as against $165 million it recorded for the quarter.
The financials discussed above was achieved on the back of production of close to 1.2 million gold ounces equivalent of metals in the full year. The production cost the firm close to $947 per ounce of gold equivalent. From these yearly operations, the firm reported gold production of 1.03 million ounces, while silver peaked at 8.4 million ounces.
Revenues for the full year came in at $1.84 billion which was less than the $2.3 billion it had managed to report in 2012. The dip in revenue has been ascribed to the nearly 23 percent dip in the price of gold in the international market during the last quarter period of 2013. Earning for the year was down to $540 million, when compared to $1.12 billion reported in 2012 due to the drop in sales volume, coupled with increase in the cost of acquisition of gold and copper in the last quarter.
Commenting about the dip in profitability during FY13, Yamana Gold Inc. (USA) (NYSE:AUY) Chairman and Chief Executive Officer Peter Marrone has been quoted to have said that, “We saw an almost unprecedented, certainly unexpected, and an impressively rapid decline in gold price last year. With the decline of almost 30% from the beginning to the end of the year, we reacted, with a cost containment strategy in the second quarter that was intended to reclaim some of that lost margin.”