July 29, 2010 / 11:13 AM / 7 years ago

UPDATE 1-Barrick's profit shines; raises dividend

* Q2 EPS $0.79 vs $0.56 a yr earlier

* Q2 adjusted EPS $0.77 Vs $0.49 a yr earlier

* Raises dividend by 20 pct

TORONTO, July 29 (Reuters) - Barrick Gold (ABX.TO) said on Thursday its second-quarter profit rose 59 percent, as record gold prices helped boost results and prompted the world's largest gold miner to raise its dividend by 20 percent.

Net income in the quarter ended June 30 came to $783 million, or 79 cents a share, compared with a year-earlier profit of $492 million, or 56 cents a share.

Excluding items, the company reported earnings of $759 million, or 77 cents a share, up from $431 million, or 49 cents a share, a year earlier.

Quarterly revenue rose 34 percent to $2.64 billion, helped by increased production and a higher average realized gold price.

Gold, which rose to a record high of more than $1,260 an ounce in June, averaged nearly $1,200 an ounce in the quarter -- up about 8 percent from the previous quarter and nearly 30 percent above year-earlier levels.

Barrick's board also authorized a quarterly dividend of 12 cents a share, which translates into an annual dividend of 48 cents a share -- 20 percent above the company's current payout of 40 cents a share. ($1= $1.03 Canadian) (Reporting by Euan Rocha; Editing by Derek Caney)

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