November 10, 2011 / 1:33 PM / 7 years ago

UPDATE 1-AuRico profit jumps on output, bullion price

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Nov 10 (Reuters) - AuRico Gold reported a seven-fold rise in third-quarter profit as it sold more gold at higher prices.

On Oct 13, AuRico said its third-quarter gold production rose 68 percent and revenue doubled as two more mines of the Canadian company in Mexico became operational.

For the July-September quarter, the company’s profit was $62.6 million, or 36 cents a share.

Margins improved by 55 percent to $1,217 per ounce, as bullion prices remained at elevated levels on the back of uncertain economic climate.

Shares of the Toronto-based company, which changed its name from Gammon Gold in May, closed at C$10.71 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Anil D’Silva)

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