February 23, 2012 / 11:46 AM / 6 years ago

UPDATE 1-Alamos profit up on higher gold prices

Feb 22 (Reuters) - Canadian miner Alamos Gold reported a 16 percent rise in fourth-quarter profit, helped mainly by robust gold prices, and raised its semi-annual dividend by 43 percent.

This year the company expects to produce 200,000-220,000 ounces, up from the 153,000 ounces of gold produced in 2011. It sees 2012 cash cost at $365-$390 per ounce.

For the October-December quarter, net income was $21.3 million, or 18 cents a share, compared with $18.3 million, or 16 cents a share, a year ago.

Earnings before income taxes were $37.1 million, or 31 cents a share.

Operating revenue for the company, which owns and operates the Mulatos mine in Mexico, rose 17 percent to $71.1 million.

The Toronto, Ontario-based company produced 46,500 ounces of gold in the fourth quarter, up 2 percent from a year ago. The cash cost per ounce was $387 in the quarter.

The company, which also has exploration and development activities in Turkey, raised its semi-annual dividend to 10 cents a share from 7 cents a share.

Alamos Gold shares, which have gained 30 percent of their value in the last three months, closed at C$19.95 on Wednesday on the Toronto Stock Exchange.

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