March 16, 2011 / 12:25 PM / 7 years ago

UPDATE 1-Aurizon Q4 profit drops on higher expenses

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March 16 (Reuters) - Canada’s Aurizon Mines reported a 37 percent drop in quarterly profit, hurt mainly by higher exploration expenses.

The mid-tier gold miner reported net income of C$6.2 million($6.3 million), or 4 Canadian cents a share, compared with net income of C$9.9 million, or 6 Canadian cents a share, last year.

Fourth-quarter results were hit by an increase in exploration activities resulting in C$5.4 million being charged to earnings, compared with C$1.1 million last year, the company said.

It produced 37,496 ounces of gold, up from 36,459 ounces a year ago.

Cash flow from operating activities rose 45 percent to C$17.4 million.

Shares of the company closed at C$6.66 on Tuesday on the Toronto Stock Exchange. ($1 = 0.985 Canadian Dollars) (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)

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