* Q1 rev down 2 pct to C$250.2 mln
* Reaffirms 2011 production outlook
* To pay $C0.30 special dividend (Adds dividend details in paragraph 2,3, outlook and peers in paragraphs 9,10)
April 29 (Reuters) - Centerra Gold posted a 10 percent rise in its first-quarter profit helped by increased gold prices, offsetting the impact of lower output and higher costs.
The Toronto-based Gold miner also declared a dividend of 40 Canadian cents a share, which includes a special dividend of 30 Canadian cents, and annual dividend of 10 Canadian cents.
The dividend is payable May 18 to shareholders of record May 12.
The company, which owns gold properties in Asia, former Soviet Union and other emerging markets, reported a net income of $136.6 million or 58 cents a share, for the January-March quarter.
This compares with earnings of $123.9 million, or 53 cents a share, a year ago.
The company, which owns the Kumtor mine in the Kyrgyz Republic and Boroo mine in Mongolia, said revenue was down 2 percent at $250.2 million for the first quarter.
Analysts on average had expected the company to earn 32 cents a share, on revenue of $213.52 million, for the quarter, according to Thomson Reuters I/B/E/S.
Consolidated gold production for the quarter was 180,716 ounces at a total cash cost of $370 per ounce, down from 211,039 ounces at a cash cost of $340 per ounce, last year.
While average realized gold price for the quarter rose 25 percent to $1,385 per ounce, Centerra, which has market capitalization of more than $4 billion, said in a statement.
Centerra also backed its full-year production outlook of 600,000-650,000 ounces at total cash cost of $460 to $495 per ounce produced. It also reaffirmed its capital expenditures budget of $213 million.
On April 27, Barrick Gold , the world’s largest gold miner, had reported a 22 percent increase in quarterly profit, driven largely by a surge in bullion prices. [ID:nN27110953]
Centerra Shares closed at C$17.60 on Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore;Editing by Vyas Mohan and Gopakumar Warrier)