May 10, 2012 / 11:49 AM / in 6 years

UPDATE 1-First Majestic profit rises on higher output

May 10 (Reuters) - First Majestic Silver Corp’s first-quarter profit rose 10 percent on higher production.

The profit jumped to C$26.4 million ($26.3 million), or 25 Canadian cents per basic share, from C$23.9 million, or 24 Canadian cents per basic share, a year ago.

Revenue rose 5 percent to C$57.8 million.

The company, which operates in Mexico, said last month that total silver equivalent output rose 3 percent to 2 million ounces in the first quarter. Gold production rose 74 percent to 611 ounces.

First Majestic said on Thursday it remained on track to meet its 2012 silver production target of 8.8 million to 9.3 million ounces.

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