March 5, 2012 / 2:28 PM / 6 years ago

UPDATE 1-First Majestic profit jumps, trims 2012 output view

* Q4 EPS C$20/basic share vs C$14/basic share year ago

* Revenue up 52 pct

* Sees 2012 output at 8.8-9.3 mln ounces of silver equivalent

March 5 (Reuters) - First Majestic Silver reported a 55 percent jump in quarterly profit on higher output, and although the company still expects production to be higher this year, it trimmed the forecast.

The Vancouver-based miner, which operates in Mexico, now sees 2012 production at 8.8-9.3 million ounces of silver equivalent, compared with its earlier forecast of 8.9-9.4 million ounces of silver equivalent.

Last year, it produced 7.6 million ounces of silver equivalent.

Silver miners have benefited from prices that touched records last year.

In January, Mexican precious metals miner Fresnillo , one of the top silver equities, too had said it expected stable silver production in 2012.

Pan American Silver Corp had also posted a fourth-quarter profit and raised its quarterly dividend by 50 percent.

First Majestic said its new 2,000 tonnes per day plant at La Parrilla in Durango, Mexico, is expected to reach full production by the end of March.

For the October-December period, First Majestic’s net income rose to C$21.3 million ($21.56 million), or 20 Canadian cents per basic share, from C$13.7 million, or 14 Canadian cents per basic share, a year ago.

On an adjusted basis, it earned 24 Canadian cents per share.

Revenue rose 52 percent to C$60.8 million.

Analysts on average had expected earnings of 23 Canadian cents a share on revenue of C$59.6 million, according to Thomson Reuters I/B/E/S.

Production in the quarter was up 15 percent to 2.1 million silver equivalent ounces.

First Majestic shares closed at C$20.25 on Friday on the Toronto Stock Exchange. They have gained more than 20 percent of their value in the last three months.

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