* Q1 rev $79.4 mln vs est $81.5 mln
* Raises ops cost view
* Backs 2011 output view (Adds outlook)
May 30 (Reuters) - Canadian gold miner Semafo Inc’s quarterly profit missed analyst expectations hurt by a fall in production due to an expansion program and expects the surge in fuel prices to push full-year operating costs higher.
The company raised its 2011 operating cost outlook to $595-$645 an ounce, from its earlier view of $540-$580.
In January, the company had said it expected production to stay flat this year and growth to be constrained by work at the Samira Hill mine in Niger. [ID:nSGE70Q0DB]
However, the company, whose production fell 9 percent during the quarter, expects to meet its 2011 gold production target of 238,000-263,000 ounces, it said in a statement.
Semafo sees its main property — the Mana mine in Burkina Faso in West Africa — contributing 72 percent of full-production this year.
January-March profit rose to $18.2 million, or 7 cents a share, from $11.8 million, or 5 cents a share, a year ago.
Analysts had expected the company to earn 9 cents a share, according to Thomson Reuters I/B/E/S.
Revenue rose by a fourth to $79.4 million, but missed analyst expectations of $81.5 million.
Semafo’s average realized price per ounce rose 26 percent during the quarter.
During the first quarter spot gold prices topped $1,400 an ounce.
Quebec-based Semafo’s shares closed at C$8.96 on Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)