March 31, 2011 / 2:10 PM / 7 years ago

UPDATE 1-B2Gold reports Q4 profit as gold production surges

* Q4 adj EPS $0.05 vs adj loss/shr $0.02 last year

* Q4 gold revenue surges to $47 mln from $3.5 mln (Follows alerts)

March 31 (Reuters) - Gold producer B2Gold Corp reported a fourth-quarter profit on higher gold production at the company’s La Libertad Mine in Nicaragua.

For the October-December quarter, the company posted an adjusted net income of $15.5 million, or 5 cents per share, compared with an adjusted loss of $3.7 million, or 2 cents a share, last year.

Gold revenue for the fourth quarter rose to $47 million on sales of 34,039 ounces, compared with $3.5 million on sales of 3,211 ounces, in the same period last year.

La Libertad Mine, which began production on Feb 1 last year, accounted for $34.4 million of gold revenue from the sale of 24,865 ounces, while $12.6 million was contributed by its other Nicaraguan property, Limon Mine, from the sale of 9,174 ounces.

The average realized gold price in the quarter was $1,381 per ounce, $277 higher than in 2009. The spot gold price average was $1,367 per ounce.

Vancouver, British Columbia-based B2Gold’s shares were trading up about 4 percent at C$3.01 on Thursday morning on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Jarshad Kakkrakandy)

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