May 5, 2011 / 10:27 AM / 7 years ago

UPDATE 1-Alamos Gold Q1 profit up 15 percent

May 5 (Reuters) - Alamos Gold Inc posted a 15 percent rise in its first quarter profit, but the Caanadian miner cut its full-year production forecast.

For the January-March quarter, Alamos reported a net income of $17.9 million, or 15 cents a share, compared with an income of $15.5 million, or 13 cents a share, a year ago.

The company, which has operations in Mexico and Turkey, posted revenue of $54.4 million from the sale of 39,186 ounces of gold. [ID:nL3E7F61KX]

For the full year, the company now sees production of 145,000-160,000 ounces of gold, down from its earlier forecast of 160,000-175,000 ounces.

The company also raised its cash operating cost estimate to $365-$390 per ounce, from $350 to $365 per ounce of gold sold, estimated earlier. It is exclusive of a 5 percent royalty.

Shares of the Toronto, Ontario-based company closed at C$15.30 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Joyjeet Das)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below