August 11, 2009 / 9:16 PM / in 8 years

UPDATE 1-Semafo Q2 profit drops on higher expenses

* Revenue up 31 pct

* Maintains full-year production outlook

Aug 11 (Reuters) - Canadian gold miner Semafo Inc SMF.TO reported an 8 percent drop in second-quarter earnings, hurt by increased operating costs.

Semafo, however, said it remained confident that it would attain its 2009 production outlook of between 220,000 and 240,000 ounces of gold.

Net income was $10.7 million, or 5 cents a share, compared with $11.7 million, or 5 cents a share, a year earlier.

Operating expenses increased 30 percent to $29.3 million.

Revenue jumped 31 percent to $58.6 million.

Shares of Semafo, which has gold mines in Burkina Faso, Niger and Guinea, closed at C$2.23 on the Toronto Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Anne Pallivathuckal)

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