August 11, 2011 / 12:11 AM / in 6 years

UPDATE 1-North American Palladium posts Q2 profit on higher

* Q2 EPS C$0.03 vs loss/shr C$0.08 year-ago

* Q2 revenue rises to C$51.4 mln

* Q2 palladium output rises 69 pct to 46,971 ounces

Aug 10 (Reuters) - Precious metals company North American Palladium Ltd’s PDL.TO reported a second-quarter profit helped by a 69-percent rise in quarterly palladium production at the company’s flagship mine in Quebec and maintained its full year palladium production forecast.

The company said it still expects 2011 production of 145,000-155,000 ounces of payable palladium at a cash cost of $450 per ounce.

Net income for the quarter ended June 30, was C$5.4 million, or 3 Canadian cents per share, compared with a net loss of C$11.8 million, or 8 Canadian cents per share.

Quarterly production at the company’s flagship Lac des Iles mine was 46,971 ounces of payable palladium at $335 per ounce, up from 27,839 ounces at total cash costs of $304 per ounce, a year ago.

The company which also owns and operates the Sleeping Giant gold mine in Abitibi,Quebec, said revenue rose two-fold to C$51.4 million in the second quarter.

Palladium futures for September were trading at about $728 per ounce Wednesday on NYMEX.

Shares of North American Palladium closed at C$3.35 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore, editing by Bernard Orr

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