May 4, 2010 / 3:16 PM / 8 years ago

CORRECTED - UPDATE 2-Yamana Gold revenue jumps on output

(In May 3 story, corrects analyst EPS estimate in first bullet point to $0.11 from $0.12)

* Q1 adj EPS $0.10 vs est $0.11

* Revenue jumps 62 percent

* Shares down 1.9 percent on TSX (Adds details. In U.S. dollars unless noted)

TORONTO, May 3 (Reuters) - Yamana Gold’s (YRI.TO) first-quarter revenue jumped 62 percent on higher gold prices and rising production, the company said on Monday, but its profit eased due to a huge foreign exchange gain in the year-before period.

The Canadian miner, which has assets in Chile, Argentina Brazil, Mexico and Honduras, earned $79.5 million, or 11 cents a share, in the quarter ended March 31.

A year ago, Yamana reported a profit of $86.0 million, or 12 cents a share, helped by the $78.8 million foreign exchange gain.

On an adjusted basis, its latest quarterly profit was 10 cents a share.

Analysts polled by Thomson Reuters I/B/E/S had expected, on average, a profit of 11 cents a share, before exceptional items.

Revenue rose to $346.3 mln, as production climbed 6 percent to 239,838 gold equivalent ounces, while gold prices strengthened.

Cash costs per ounce were $161 an ounce, when using base metals production as a cost offset.

Yamana reaffirmed its expected 2010 production of 1.0 million to 1.1 million gold equivalent ounces this year.

The company’s shares closed down 21 Canadian cents, or 1.9 percent, at C$10.88 on the Toronto Stock Exchange. The results were released after markets closed.

$1=$1.01 Canadian Reporting by Cameron French; editing by Rob Wilson

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