VANCOUVER (miningweekly.com) – Canadian multinational miner Eldorado Gold has reported a loss attributable to shareholders for the quarter ended December 31, of $32.5-million, or $0.05 a share, as lower sales volumes and higher unit costs, were partly offset by higher gold prices.

In the comparable period a year earlier, the TSX- and NYSE-listed company booked a loss of $1.24-billion, or $1.73 a share, mainly owing to an impairment charge of $1.25-billion on its Greece-based Skouries project.

Adjusted earnings of $0.07 a share for the quarter under review beat average Wall Street analyst forecasts calling for headline earnings of $0.02 a share.

Revenues fell 30% year-on-year to $140.6-million, as gold sales fell 39% to 105 022 oz in the quarter, mainly reflecting Eldorado’s exit from China.

In 2017, Eldorado expects to produce 365 000 oz to 400 000 oz of gold, including pre-commercial ounces from Olympias Phase II, in Greece, compared with 2016 output of 486 025 oz of gold. Eldorado said the Olympias expansion is on track to start commissioning in the current quarter. Construction at Skouries continues, on track for an expected 2019 start-up.

Cash costs are forecast at $485/oz to $535/oz, with all-in sustaining costs (AISC) expected to range from $845/oz to $875/oz. For 2016, AISC averaged $900/oz; considerably lower than original 2016 guidance of $940/oz to $980/oz.

The company's balance sheet remains one of the strongest in its peer group, with about $888.5-million in cash, cash equivalents and term deposits and $250-million in undrawn credit lines.

Sustaining capital for gold mining operations in 2017 is estimated to be about $70-million.

Planned expenditures for mining development total $345-million. Exploration expenditures in 2017 are budgeted at $35-million (65% expensed and 35% capitalised), with a balanced focus on resource delineation and brownfield drilling at existing operations, advancing early-stage projects and project generation, the company said.

The company declared a dividend of $0.02 a share, to be paid on March 16.

The company's NYSE-listed stock gained 1.94% in aftermarket trading Thursday, changing hands at $3.68 apiece.