February 23, 2012 / 11:06 AM / in 6 years

UPDATE 1-Pan American Silver posts Q4 profit, raises div

Feb 23 (Reuters) - Pan American Silver Corp posted a fourth-quarter net profit, helped by higher metal prices, and raised its quarterly dividend by 50 percent.

For the fourth quarter, net income was $95.5 million, or 89 cents a share, compared with a net loss of $5.8 million, or 12 cents a share, a year ago.

On an adjusted basis, it earned 61 cents a share.

Sales for the company, which last month said it will buy Minefinders Corp Ltd for about C$1.5 billion in order to more than double production by 2015, rose 9 percent to $212.4 million.

During the quarter, the company produced 5.3 million ounces of silver and 17,239 ounces of gold, a decrease of 6 percent and 10 percent, respectively, from a year ago.

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