Yamana adjusted profit down on metal prices, volumes

Wed Aug 8, 2012 5:35pm EDT
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(Reuters) - Canada's Yamana Gold Inc YRI.TO said on Wednesday its second quarter adjusted earnings fell 28 percent on lower metal prices and lower copper sales volumes.

The gold miner said its earnings, adjusted to remove one-time items, fell to $134.9 million, or 18 cents a share, in the quarter ended June 30. That compared with $186.2 million, or 25 cents a share, in the second quarter of 2011.

Analysts, on average, had expected earnings of 25 cents a share, according to Thomson Reuters I/B/E/S.

Net earnings fell to $42.9 million, or 6 cents per share, compared with $194.7 million, or 26 cents per share, in the year-ago period. Net earnings were hit by foreign exchange losses and impairment losses in the quarter.

Revenue was 7 percent lower at $526 million.

(Reporting by Julie Gordon; Editing by Bernard Orr)