OceanaGold, which operates the Macraes gold field near Dunedin, saw second-quarter profit plunge 82 per cent as falling gold prices eroded earnings and led to a six-month loss.
Net profit was US$735,000 in the three months ended June 30, down from US$4.1 million in the same period a year earlier, the Melbourne-based company said.
That was an improvement on the first three months of the year when its bottom line sank into the red.
The gold miner reported a net loss of US$3.1 million for the six-month period, compared to a profit of US$18.9 million a year earlier.
Earnings before interest, tax, depreciation and amortisation dropped 22 per cent to US$25.6 million in the quarter, with sales down 8.5 per cent to US$86.7 million.