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Centerra Gold Inc. CG-T reported a US$73.5-million loss in its first quarter compared with a profit of US$89.4 million in the same quarter last year.

The Toronto-based gold miner, which keeps its books in U.S. dollars, says its loss amounted to 34 cents per diluted share for the quarter ended March 31 compared with a profit of 30 cents per diluted share a year earlier.

Revenue for the quarter totalled US$226.5 million, down from US$295.2 million in the same quarter last year.

Gold production was 33,215 ounces, down from 93,784 ounces a year earlier, while copper production totalled 13,355 ounces, down from 20,558 pounds in the first quarter of 2022.

On an adjusted basis, Centerra says it lost 24 cents per share in its latest quarter compared with an adjusted profit of 19 cents per share a year earlier.

Analysts on average had expected an adjusted loss of seven cents per share and US$165.9 million in revenue, according estimates compiled by financial markets data firm Refinitiv.

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