The operator of the Macraes and Reefton goldfields in the South Island saw quarterly net profit jump to $US14.8 million ($NZ18.7 million) on the back of strong gold prices.
The profit for the previous corresponding period was just $US1.8 million.
Earnings before interest and tax soared to $US24 million, compared with a loss of $US9 million in the previous corresponding period.
A record high average gold price of $US1401 an ounce during the first quarter boosted revenue to $US90.7 million from $US48.3 million, and lifted cash operating margins to $US714 an ounce, up 272% on a year earlier.
Craigs Investment Partners broker Peter McIntyre said yesterday the company was feeling the benefits of being fully unhedged. Whatever the gold price was, that was the price Oceana Gold received.
The company had also kept its cash costs well under control by being prudent during the quarter, he said.
Oceana Gold chief executive Mick Wilkes said the company was well positioned to take full advantage of the record gold prices it was receiving.
There was steady production from its New Zealand operations and Oceana Gold was maintaining its focus on delivering further growth through the development of the Didipio project in the Philippines.
The company was continuing to explore the Frasers underground mine at its Macraes complex in Otago.
Oceana Gold produced about 270,000 ounces of gold a year from its New Zealand operations, and sold 64,765 ounces during the quarter.
Mr McIntyre said the cash flow being generated would allow the company to start its Didipio project.
He was impressed with the strength of the company's balance sheet, which showed operating cash flow of $US47.2 million in the quarter compared to a loss of $US10.3 million in March last year.
Total assets grew in the quarter to $US727.8 million from $US706.2 million at December 31 and $US505.9 million at January 1 last year.
