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Gold Fields, South Africa's second-largest gold producer by market value, said headline earnings for the three months to the end-September totalled 9 cents, compared with a headline loss of 105 cents in the June quarter.
Headline earnings per share is the main profit measure in South Africa and excludes some one-time items.
Production climbed to at 496 000 ounces in the quarter, bringing output for the year so far to 1.4 million ounces and putting the company on track to achieve its full-year production target of between 1.8 and 1.9 million ounce.
Overall costs averaged $1 100 an ounce, lower than they were in 2011.
"We have recalibrated the company for a gold price of $1 300 and if spot falls below that, we will at least not be losing money," CEO Nick Holland told Reuters.
With spot gold prices falling 24% this year, gold producers have been forced to cut operational costs and capital expenditure.
According to South Africa's Chamber of Mines, which represents the mining industry, 60% of the country's gold mines are losing money at the current spot price.
Shares in Gold Fields fell 3.21% to R44.35 in Johannesburg by mid-morning, underperforming a 2% drop in the JSE's Gold Mining Index.
