August 10, 2011 / 8:48 PM / 6 years ago

UPDATE 1-Kinross profit soars, boosts dividend

TORONTO, Aug 10 (Reuters) - Kinross Gold (K.TO) more than doubled its quarterly profit and raised its dividend payout on Wednesday, as surging bullion prices and acquisition-related production growth helped boost results.

Toronto-based Kinross said its net income in the quarter ended June 30 rose to $247.4 million, or 22 cents a share, up from a year-ago profit of $110.4 million, or 16 cents a share.

Excluding one-time items earnings in the period rose to $226.5 million, or 20 cents a share, from $111.4 million, or 16 cents a share.

Gold production in the quarter rose nearly 26 percent to 676,245 ounces, while revenue rose 42 percent to $987.8 million.

The company raised its semi-annual dividend payout by 1 cent to 6 cents share.

Kinross, which has operations spread across the globe, said it remains on track to produce between 2.6 million and 2.7 million ounces in 2011. (Reporting by Euan Rocha; editing by Gunna Dickson)

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