Yamana profit jumps on higher gold sales

Wed Feb 20, 2013 5:17pm EST
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TORONTO Feb 20 (Reuters) - Canadian gold miner Yamana Gold Inc reported an 89 percent boost in fourth-quarter profit on Wednesday due to higher bullion sales and stronger equity earnings from its stake in the Alumbrera mine in Argentina.

Net earnings rose to $169.2 million, or 22 cents a share, in the quarter ended Dec. 31, compared with $89.6 million, or 12 cents, in the year-before period.

Adjusted to remove one-time items, earnings came in at $197.4 million, or 26 cents a share. That was in line with analysts' average expectation of 25 cents a share, according to Thomson Reuters I/B/E/S.

Revenue rose 11 percent to $629.5 million as output jumped 17 percent to 322,990 gold equivalent ounces.