The Vancouver-based miner with operations in Nicaragua and interests in other Latin American countries, as well as the Philippines and Africa, said Thursday that it had US10.9 million or three cents per share of net profits in the quarter.
That compared with US$20.8 million or six cents in the fourth quarter of 2011.
Its adjusted net income was $17.6 million or five cents per share in the three months ended Dec. 31, down from $23.3 million or seven cents per share a year earlier.
The adjusted net income excludes deferred income taxes, stock-based compensation, the write off of a property option and exploration costs, acquisition costs and foreign exchange gains or losses.
B2Gold's quarterly revenue from gold sales improved to US$70.7 million from US$66.9 million but its cash flow from operating activities declined to $31.1 million or eight cents per share from $35.4 million or 10 cents per share due to a higher tax rate in Nicaragua.
In addition to higher taxes, B2Gold reported higher total costs for sales along with increased stock-based compensation payments and additional acquisition and writeoff expenses in the quarter.
For the full year, the company reported net income of US$51.9 million or 13 cents per diluted share on gold revenue of US$$259.1 million, compared with net income of US$56.3 million or 16 cents on revenue US$225.4 million.