July 28, 2011 / 10:33 PM / 7 years ago

UPDATE 1-Centerra Gold Q2 profit doubles on higher gold prices

(Follows alerts)

July 28 (Reuters) - Canadian gold miner Centerra Gold Inc’s quarterly profit more than doubled driven by higher gold prices.

The company, which owns gold properties in Kyrgyz Republic and Mongolia, reported a second-quarter net income of $71.1 million, or 30 cents a share, compared with $30.7 million, or 13 cents a share, a year ago.

Revenue rose 60 percent to $243.8 million.

Spot gold prices averaged about $1507.8 an ounce during April-June, up 26 percent since last year as looming debt problems in major economies boosted the interest in precious metal as a haven from risk.

The Toronto-based miner’s shares, which have risen 16 percent in value over the last six months, closed at C$18.63 on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Don Sebastian)

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