February 22, 2008 / 12:30 AM / 10 years ago

UPDATE 1-Kinross profit jumps, declares first dividend

(Adds details. In U.S. dollars)

VANCOUVER, British Columbia, Feb 21 (Reuters) - Kinross Gold (K.TO) posted a sharply higher fourth-quarter profit on Thursday, and declared its first-ever common share dividend.

Kinross said its net earnings were $173.1 million, or 29 cents a share, in the quarter. This was up from $41 million, or 11 cents per share, in the year-before period.

Revenue was $281.4 million, up 22 percent over last year, on an average realized gold price of $796 an ounce.

Kinross said its board declared a dividend of 4 cents per share, which will be payable on March 31, and its intention is to pay a dividend semi-annually.

Gold-equivalent production in the quarter was 384,598 ounces, up from 362.028 a year earlier.

Cost of sale per ounce was $419, on the sale of 356,329 gold equivalent ounces. That compared with $317 per ounce, on 375,684 gold equivalent ounces, a year earlier. (Reporting Allan Dowd, Editing by Rob Wilson)

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