Revenue for the third quarter to September was $US122.8 million ($NZ 157.6 million), down from $US156.6 million a year ago.
Earnings before interest, tax, depreciation and amortisation of $US43.5 million were down from $US76.9 million and after-tax profit was $16.9 million.
''Third-quarter production was higher than the previous quarter, on account of mine sequencing, whereby higher grade ore was mined and processed at Didipio [in the Philippines],'' the company said.
However, the third-quarter profit of $16.9 million was down more than 60% on the $US43.7 million of a year ago, in part because of a weakened global spot price.
While Oceana's gold-copper mine Didipio is by volume and value well behind combined New Zealand operations in Otago and the West Coast, the sale of its copper as a byproduct continues to underpin Oceana's fortunes with increased cashflow and ability to pay debt.
Craigs Investment Partners broker Peter McIntyre said the quarter was a ''strong'' result for Oceana, with good cost controls.
''Oceana are getting higher ore grades than those forecast. The full year financial guidance is still strong,'' he said.
Mr McIntyre was surprised that immediately after the announcement Oceana shares were down 8%, or 21c, to around $2.33.
However, the overnight decline of global spot prices below $US1200 may have had a negative impact.
At less than $US1200, the viability of gold production comes into question for many producers.
Mr McIntyre said crucial cash costs had fallen from around $US1000 per ounce in recent years to $US437 for the year to date, because of the offsetting sale of 19,615 tonnes of Philippine copper during the same period.
Forsyth Barr broker Andrew Rooney said the result was '' in line with expectations'', although Didipio performed a bit better than expected while Reefton was a bit worse.
Total gold production for the quarter was 67,352 oz, in line with forecasts. Didipio produced about 5000oz more than expected and Reefton about 5000oz less, Mr Rooney said.
''With Didipio gold production being high, copper production was also stronger than expected. Offsetting the stronger production was a weaker gold price, which averaged $US1271 oz, down 3% on the prior quarter and 2% lower than our forecast,'' he said.
Oceana chief executive Mick Wilkes said Oceana had during the quarter expanded its hedging programme for New Zealand gold sales, now covering 153,498 oz, which keeps New Zealand operations cash-flow positive in the present lower gold price environment.
''The expanded hedging programme covers 80% of the expected gold production from New Zealand for a two-year period beginning in January 2015,'' he said.
Oceana's cash in hand improved slightly from the previous quarter, to $US46.8 million.
The lower cost of sales was offset by lower sales revenue.
For the year to date, the company had paid $US30 million of debt and was otherwise on track to achieve its full-year production and come within its cost guidance.
''We expect a strong finish to the year, where we further strengthen the balance sheet with increased cash and repayment of an additional $US30 million in debt,'' Mr Wilkes said.
