May 8, 2012 / 9:48 PM / 6 years ago

Kinross Q1 profit falls 57 pct on tax charges

May 8 (Reuters) - Canada’s Kinross Gold said on Tuesday its first-quarter profit fell 57 percent, as the gold miner’s revenues were hit by one-time tax related charges.

The Toronto-based miner said its profit in the quarter ended March 31, 2012 was $105.7 million, or 9 cents a share, down from a year-earlier profit of $250.1 million, or 22 cents a share.

Excluding one-time items, the company reported a profit of $203.1 million, or 18 cents a share, up from $175.3 million, or 15 cents a share, in the first quarter of 2011.

Gold output fell 6 percent in the quarter, while costs per ounce were 36 percent higher. Despite this, revenue rose 11 percent to $1 billion on higher realized gold prices.

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