MONTREAL (Reuters) - Yamana Gold (YRI.TO) said on Tuesday its quarterly profit surged as acquisitions and higher production and prices vaulted it into the top ranks of gold producers.
The Canadian miner, which acquired Meridian Gold and the smaller Northern Orion Resources for a total of $4.8 billion in October, earned $47.1 million, or 8 cents a share, in the quarter ended December 31. That compared with a profit of $6.1 million, or 2 cents a share, in the year-earlier quarter.
Revenue was $218.6 million, more than triple the $60 million of the 2006 fourth quarter.
Gold production in the quarter was 229,488 gold equivalent ounces, which includes silver ounces converted to gold at a ratio of 55-to-1. Yamana said it expects production of about 220,000 gold equivalent ounces in the first quarter of 2008.
Reporting by Robert Melnbardis, editing by Richard Chang