May 3, 2012 / 9:34 PM / 5 years ago

UPDATE 1-Eldorado Gold profit rises on higher gold prices

May 3 (Reuters) - Canadian miner Eldorado Gold's first-quarter profit rose 29 percent, helped by higher gold prices.

Gold price rose 22 percent from the year-ago period, to average $1,690 per ounce during the first quarter.

Net income rose to $67.9 million, or 11 cents per share, from $52.5 million, or 10 cents per share, a year ago.

Production for the quarter rose 5 percent to 155,535 ounces of gold.

Gold revenue rose 24 percent to $271.55 million.

Shares of the company closed at C$12.96 on Thursday on the Toronto Stock Exchange.

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