Semafo profit rises on gold output, price

Wed Mar 14, 2012 10:31am EDT
 
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(Reuters) - West Africa-focused mining company Semafo Inc's (SMF.TO: Quote) quarterly profit rose 25 percent helped by increased gold production and higher prices.

October-December profit attributable to shareholders rose to $33.3 million, or 12 cents a share, from C$26.6 million, or 10 cents a share a year ago.

Revenue rose 32 percent to $113.9 million. Average realized gold price rose 22 percent to $1,694 an ounce during the quarter, the company said in a statement.

The company operates three mines - Mana in Burkina Faso, Samira Hill in Niger and Kiniero in Guinea.

Gold production rose 5 percent to 64,800 ounces.

The company's Toronto-listed stock fell 7 percent to a two-year-low of C$5.33 while gold prices fell to its lowest since mid-January. Semafo shares later partially recovered to trade at C$5.49.

(Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)