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Last Updated : 05 May 2009 at 08:30 IST

ABX net income on rise

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Commodity Online
Barrick Gold Corp. (NYSE:ABX) reported Q1 net income to be $371 million compared to $514 million in previous year .

Barrick Gold Corp. is engaged in the production and sale of gold, as well as related activities, such as exploration and mine development.

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Adjusted net income of ABX is $298 million against $537 million a year ago. Its operating cash flow is $349 million in lieu of $718 million for Q1 2008.

Barrick Gold’s Production is anticipated to increase to approximately 7.7-8.1 million ounces in 2010 at lower total cash costs. Analysts expect the average target price of 39.31 and consider the stock to be ‘Overweight‘.

Share price of ABX gained 6.52% on Monday at New York Stock Exchange and it touched a 52-week high of 52.48 and low of 17.27. It was last traded at 30.89. Gold is currently traded at US$894.5 at London Metals Exchange.