August 12, 2009 / 4:40 AM / in 8 years

UPDATE 1-Pan American Silver Q2 profit falls

* Q2 basic shr $0.12 vs $0.26

* Silver production up 24 pct to 5.8 mln ounces (In U.S. dollars, unless noted)

Aug 11 (Reuters) - Pan American Silver PAA.TO said on Tuesday its second-quarter profit fell 52 percent as it was hurt lower silver prices in the quarter.

The Canadian company, which operates mines in Mexico, Peru, Bolivia and Argentina, earned $10.2 million, or 12 cents per basic share, in the quarter ended June 30. That was down from a profit of $21.4 million, or 26 cents per basic share, in the year-before period.

Excluding a $3.3 million non-cash, after tax charge for the write down of a smelter receivable, the company earned 16 cents per share.

Analysts polled by Reuters had expected, on average, a profit of 19 cents a share, before exceptional items.

Quarterly sales rose 7 percent to $111.4 million, with silver sales accounting for 58 percent of total revenues, the company said. Silver production increased 24 percent to 5.8 million ounces while cash costs for the quarter were $5.99 per ounce, compared with $5.28 in the year-ago quarter.

Average London silver fix prices XAGFIX= in the quarter were $13.76 per ounce, down 20 percent from a year ago, the company said. (Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)

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