Published on 12 Apr 2024 on Zacks via Yahoo Finance
Eldorado Gold (EGO) Updates on Q1 Tax Impacts in Turkiye
Eldorado Gold Corporation EGO expects the impacts of Turkish current income tax charges on mining revenues (set at 25%) to be reduced by $9-$12 million for the first quarter of 2024.The expected decrease is mostly due to investment tax credits for Kisladag and Efemcukuru, as well as inflationary accounting. The decrease was partially offset by taxable unrealized foreign currency gains, resulting from the Lira's weakening against the U.S. dollar in the first quarter.Eldorado Gold's profits from mining operations in Turkey are taxed at the enacted rate. Consequently, the resulting current income tax expenses can increase or decrease due to other items.In the fourth quarter of 2023, Eldorado Gold reported earnings of 24 cents, missing the Zacks Consensus Estimate of 21 cents. However, earnings surged 118% from the 11 cents posted in the fourth quarter of 2022. Revenues came in at $307 million, higher than the $246 million reported last year.The company will release its first-quarter 2024 results on Apr 25, 2024. The Zacks Consensus Estimate for first-quarter earnings is pegged at 17 cents. It posted earnings of 11 cents in the year-ago quarter.
Price Performance
In the past year, shares of Eldorado Gold have gained 39.2% compared with the industry’s growth of 1.1%.