The Financial Post reports in its Thursday, May 9, edition that Iamgold's profit tumbled a whopping 91 per cent in the first quarter as the miner moved forward with its cost-cutting plan while gold prices weakened. A Canadian Press dispatch to the Post reports the Toronto-based company said net earnings weakened to $10.9-million (U.S.) or three U.S. cents per share. That compared with a profit of $119.2-million (U.S.) or 22 cents a share in the same reporting period a year ago. Adjusted earnings, which CP says is a better indication of Iamgold's underlying performance, dropped to $57.7-million (U.S.) or 15 U.S. cents, an American penny above the expectations of analysts. Revenue slipped to $305.3-million (U.S.) from $354.1-million (U.S.). Spot gold prices have weakened in recent months, falling about 14 per cent since the start of the year. Chief executive officer Steve Letwin says, "With the initiation of our $100-million (U.S.) cost-reduction program before the drop in gold prices and our history of disciplined capital allocation, Iamgold was well ahead of the curve in responding to the challenges in our industry." Iamgold shares finished Wednesday in Toronto at $6.03 (Canadian), up 64 Canadian cents.