March 14, 2012 / 2:38 PM / 6 years ago

Semafo profit rises on gold output, price

(Reuters) - West Africa-focused mining company Semafo Inc’s (SMF.TO) quarterly profit rose 25 percent helped by increased gold production and higher prices.

October-December profit attributable to shareholders rose to $33.3 million, or 12 cents a share, from C$26.6 million, or 10 cents a share a year ago.

Revenue rose 32 percent to $113.9 million. Average realized gold price rose 22 percent to $1,694 an ounce during the quarter, the company said in a statement.

The company operates three mines - Mana in Burkina Faso, Samira Hill in Niger and Kiniero in Guinea.

Gold production rose 5 percent to 64,800 ounces.

The company’s Toronto-listed stock fell 7 percent to a two-year-low of C$5.33 while gold prices fell to its lowest since mid-January. Semafo shares later partially recovered to trade at C$5.49.

Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below