May 4, 2011 / 8:45 PM / in 7 years

UPDATE 1-New Gold Q1 rises on higher production, prices

* Q1 EPS $0.06 vs $0.03 year ago

* Q1 revenue up 68 pct at $171 mln

* Sees 2011 gold production of 380,000-400,000 oz (Follows alerts)

May 4 (Reuters) - New Gold Inc’s first-quarter profit almost doubled, as the Canadian gold miner’s results were boosted by greater production and higher realized commodity prices.

The company expects to produce 380,000-400,000 ounces of gold this year, it said in a statement.

January-March earnings were $24.7 million, or 6 cents a share, up from $13.3 million, or 3 cents a share, a year ago.

On an adjusted basis, the company earned 12 cents a share from continuing operations.

Revenue rose about 68 percent to $171 million, driven by higher production as well as a rise in commodity prices.

Analysts, on average, expected earnings of 11 cents a share, on $166.9 million in revenue, according to Thomson Reuters I/B/E/S.

New Gold, which owns operating assets in the United States, Mexico and Australia and is developing assets in Canada and Chile, expects consolidated cash cost per ounce sold this year to fall to $390-$410 per ounce, down from the $430-$450 per ounce at the beginning of this year.

Quarterly gold production rose 39 percent to 107,622 ounces.

Shares of New Gold closed at C$9.57 on Wednesday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Joyjeet Das)

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