November 3, 2010 / 9:34 PM / 7 years ago

UPDATE 1-Yamana quarterly profit doubles; hikes dividend

* Q3 EPS $0.17 vs $0.08 year ago

* Revenue up 36 pct

* Says annual dividend raised to $0.12/shr (In U.S. dollars unless noted)

TORONTO, Nov 3 (Reuters) - Yamana Gold (YRI.TO) said on Wednesday its quarterly profit nearly doubled, helped by a stronger gold price, and it raised its dividend by 200 percent.

Yamana reported a third-quarter profit of $120.7 million, or 17 cents a share, compared with a year-ago profit of $60.8 million, or 8 cents a share.

Operating earnings rose to $157.9 million, from $71 million, a year earlier. Excluding items, earnings were $118.9 million, or 16 cents a share.

Analysts, on average, had forecast earnings of 15 cents a share, according to Thomson Reuters I/B/E/S.

Yamana, which has operations spread across Latin America, said its quarterly revenue rose 36 percent to $454.0 million.

The Toronto-based company lowered its annual byproduct cash costs to less than $175 per gold equivalent ounce (GEO) from its prior forecast of less than $200 per GEO.

The miner also said it raised its annualized dividend 200 percent over the 2009 level to $0.12 per share, or $0.03 per share quarterly. (Reporting by Bhaswati Mukhopadhyay; editing by Rob Wilson)

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