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: Quote) 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)