July 31, 2009 / 12:07 PM / in 8 years

UPDATE 1-Eldorado Q2 profit beats market estimates

* Q2 EPS $0.07 vs est $0.06

* Confirms full-yr prod outlook of 330,000 ounces

July 31 (Reuters) - Eldorado Gold Corp ELD.TO EGO.A reported a second-quarter profit that beat market estimates, helped by higher production, and reiterated its production outlook for the full year.

Eldorado reported a net income of $25.9 million, or 7 cents a share, compared with $25.2 million, or 7 cents a share, a year ago.

Revenue was reported at $80.54 million, down from $82.53 million in the second quarter of 2008.

Analysts on average were expecting earnings of 6 cents a share on revenue of $78.5 million, according to Reuters Estimates.

The company confirmed its total production target of about 330,000 ounces for the full year.

Eldorado, which recently bought a 20 percent stake in Sino Gold Mining Ltd SGX.AX from Gold Fields GFIJ.J, said cash flow from operations fell about 7 percent to $36.7 million.

Shares of the Vancouver based-company closed at C$10.23 Thursday on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Ratul Ray Chaudhuri)

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