UPDATE 1-Iamgold profit plummets after production, prices fall
* First-quarter revenue falls 14 percent to $305.3 mln
* Net earnings 3 cents/shr vs 32 cents/shr year ago
* Average realized gold price declines 4 percent
May 7 (Reuters) - Canadian miner Iamgold Corp reported a 91 percent fall in first-quarter profit due to lower gold production and a decline in price of the precious metal.
The company's net earnings attributable to equity holders fell to $10.9 million, or 3 cents per share, from $119.2 million, or 32 cents per share, a year earlier.
On an adjusted basis, the company earned 15 cents per basic share.
Revenue fell 14 percent to $305.3 million.
Iamgold, which has six operating gold mines in the Americas and Africa, said attributable gold production for the quarter fell 9 percent to 188,000 ounces.
Gold price fell 3.5 percent to average $1631.33 per ounce during the first quarter from a year earlier. Continued...