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Yamana cites big tax impact in US$135.2M Q1 loss; revenue rises to US$451.8M

TORONTO – Yamana Gold Inc. (TSX:YRI) has reported a big increase in its first-quarter net lost compared with a year ago, citing the impact of non-cash, unrealized foreign exchange loses related to deferred incomes taxes in several jurisdictions.

The Toronto-based miner said Tuesday after markets closed that its net loss was US$135.2 million or 15 cents per diluted share in the period ended March 31, including US$96.4 million related to the tax issue.

That compared with a net loss from continuing operations attributable to Yamana equity holders of US$31.4 million or four cent per share in the same 2014 period.

The company said its adjusted loss from continuing operations was US$37.5 million or four cents per share compared with adjusted earnings of $9.9 million or a penny per share in the prior-year quarter, reflecting lower metals prices partially offset by higher sales volumes.

Revenue rose to US$451.8 million from $353.9 million as a result of the higher sales volumes.