August 14, 2009 / 9:15 PM / in 8 years

UPDATE 1- Orvana Q3 profit down 54 pct

* EPS $0.03 vs $0.06 yr-ago

* Revenue down 35 pct

Aug 14 (Reuters) - Canada’s Orvana Minerals Corp ORV.TO reported third-quarter profit that fell by more than half, hurt by lower tonnes of gold sold and higher costs.

Net income was $3.2 million, or 3 cents a share, compared with $7.1 million, or 6 cents a share, a year ago.

Orvana, which has been trying to acquire Kinbauri Gold Corp KNB.V, said revenue fell 35 percent to $11.9 million.

Gold production for the third quarter of fiscal 2009 was down 39 percent to 12,760 ounces.

Shares of Orvana closed at 85 Canadian cents on the Toronto Stock Exchange.

Reporting by Amit Kumar in Bangalore

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