TORONTO, Feb 24 (Reuters) - Canada’s Eldorado Gold reported a more than 50 percent increase in its 2011 earnings from operations on Friday, largely driven by increased bullion sales and higher realized prices.
Vancouver, British Columbia-based Eldorado, which is in the process of wrapping up a C$2.5 billion takeover of its smaller rival European Goldfields, said gold sales volumes rose 3 percent and its average realized gold price increased nearly 30 percent to $1,581 an ounce.
That helped propel earnings from its gold mining operations to $610.8 million, up from $400.7 million, a year earlier.
On a net basis, profits attributable to shareholders in the year were $318.7 million or 58 cents a share. That compared with a profit of $221 million or 40 cents, in 2010.
Eldorado, which produced 658,652 ounces of gold in 2011, sees gold output this year ranging between 730,000 and 775,000 ounces.