Miner Kinross Gold's adjusted profit falls on costs

Wed Nov 7, 2012 5:27pm EST
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Nov 7 (Reuters) - Kinross Gold Corp reported a 7 percent drop in adjusted third-quarter profit on Wednesday as higher costs outweighed an increase in gold output.

Earnings were $224.9 million, or 20 cents a share, for the quarter ended Sept 30. That compared with $207.1 million, or 18 cents a share, in the year-earlier period.

But excluding one-time items, earnings were $250.4 million, or 22 cents a share, compared with $269.4 million, or 24 cents a share in the year-before period.

Analysts, on average, had expected earnings of 19 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 6 percent to $1.1 billion on higher gold production.

Kinross lowered its capital spending budget for 2012 to $2 billion, a cut of $200 million, as part of cost reduction plan announced earlier this year.