May 11, 2009 / 10:15 PM / in 9 years

UPDATE 1-Jaguar Mining Q1 profit jumps six-fold

* Q1 EPS $0.07 vs est $0.09

* Number of ounces of gold sold during Q1 rose 76 pct

* Q1 rev from gold sales $33.3 mln vs $18.8 mln yr-ago

May 11 (Reuters) - Canada’s Jaguar Mining Inc (JAG.TO) said first-quarter profit rose six-fold, helped by higher gold production and better-than-expected selling price.

The gold producer reported net income of $4.8 million, or 7 cents a share, compared with $0.8 million, or 1 cent a share, in the year-ago period.

Analysts on average expected a profit of 9 cents a share, before items, according to Reuters Estimates.

    Jaguar said gold sales rose to 35,879 ounces at an average price of $928 per ounce, yielding revenue of $33.3 million.

    This compares with gold sales of 20,344 ounces at an average price of $924 per ounce and revenue of $18.8 million last year.

    The company said it has cash and cash equivalents of about $87.8 million, including $3.1 million of restricted cash as of March 31.

    Jaguar Mining shares, which have gained about 16 percent in a month, closed Monday at C$7.25 on the Toronto Stock Exchange. (Reporting by Krishna Chaithanya in Bangalore; Editing by Ratul Ray Chaudhuri)

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