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Oceana Gold Corporation (ASX:OGC) has announced its December quarter (Q4 2018) and full year 2018 results. The company reported the Q4 2018 revenue of $183 million down from its previous quarter (Q3 2018) which was at $187 and reported total revenue of $773 million for the financial year 2018. The companyâs earnings included an EBITDA of $74 for Q4 2018 and total EBITDA for the financial year 2018 was noted at $364 million. The net profit for the last quarter noticed at $17 million, and for the complete financial year 2018, it was $124 million. The Earnings per (fully diluted) share reached at $0.20 for the financial year 2018.
The company reported an operating cash flow of $96 million for the last quarter, up from the previous quarter (Q3 2018) which was reported at $64 million. The total operating cash flow for the financial year 2018 was noted at $346 million.
The company increased its cash balance to $108 million, which marks an increase of 55% on a quarter-on-quarter basis (QoQ) and a 47% increase on a year-on-year basis. The companyâs net debt reduced by 38% on a quarter-on-quarter basis and by 59% on a year-on-year basis. As a result of debt repayment and dividend in Q3 2018, company's financing cash flow was significantly low from the previous quarter and reported at $3million as compared to $63 million reported in Q3 2018.
The total capital expenditure for the financial year 2018 was $213.4 million which was in line with the 2018 guidance range of $210-$255 million. The general operating expenditure was slightly up in Q4 2018 as compared to the previous quarter and noticed at $6.7 million as compared to $6.6 million during the Q3 2018.
Operational Activity:
The total gold production for the last quarter reached 126.7koz, down as compared to the same in Q4 2017, where the production reached 166.2koz. The total gold production for the financial year 2018 reached 533.3koz, down as compared to the previous financial year of 2017, which was at 574.6koz.
Gold sales for the last quarter reached 132.2koz, down as compared to the same quarter of the last financial year, which was at 168.6koz. The total gold sales for the financial year 2018 reached 532.7koz, which was less as compared to the previous financial year of 2017. In the last financial year, gold sales reached 555.6koz. However, the higher average gold price offsets lower sales volume as compared to the previous financial year.
The average gold prices for the financial year 2018 reached $1,268 as compared to $1,261 as compared to the previous financial year.
2019 Guidance:
The production guidance of gold for the financial year 2019 is set in a range of 500-550koz (500,000-550,000oz). The company intends to produce 145,000-160,000oz of gold from Haile operations, 120,000-130,000oz from Didipio Underground, 60,000â70,000 from Waihi operations and 175,000â190,000oz from Macraes operations.
The priorities set forth by the company for the financial year 2019 related to exploration and growth is to increase its various reserves and increase mine life significantly. The company is looking forward to implementing its Martha underground project.
The shares of the company last traded at $4.730 (as on 20th Feb 2019), up by 6.292% from its previous close.
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