Kirkland Lake Gold posts higher Q2 profit

Thu Dec 8, 2011 6:37am EST
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(Reuters) - Gold miner Kirkland Lake Gold Inc KGI.TO posted higher second-quarter profit helped by a rise in gold production and prices.

The Ontario-based company forecast gold production for fiscal years 2014 to 2016 at 210,000-250,000 ounces per year. It reiterated its annual gold production target of 110,000-130,000 ounces.

Kirkland expects to add 275 employees in fiscal year 2012, and said 147 employees have been hired so far.

Second-quarter gold production rose to 24,478 ounces, while average price per ounce improved by 25 percent.

Net and comprehensive income for the quarter was C$9.2 million, compared with $C8.5 million, a year ago. Revenue rose by a quarter to C$40.3 million.

Shares of the company closed at C$17.92 on Wednesday on the Toronto Stock Exchange.

(Reporting by Swetha Gopinath in Bangalore; Editing by Supriya Kurane)