February 12, 2010 / 10:48 PM / 8 years ago

UPDATE 1-Orvana Q1 profit falls 69 pct

2 Min Read

* Q1 EPS $0.01 vs $0.03 yr-ago

* Revenue down 16 pct

* Production cost per ounce doubles

Feb 12 (Reuters) - Canada's Orvana Minerals Corp's (ORV.TO) quarterly profit fell 69 percent as its per ounce production cost doubled, and it said production at its El Valle Boinas mine in northern Spain is expected to restart in fiscal 2011.

Net income for the quarter ended Dec. 31 was $1.2 million, or 1 cent per share, compared with $3.9 million, or 3 cents a share, last year.

Orvana, which recently acquired Kinbauri Gold Corp, said revenue for the quarter fell 16 percent to $11.9 million. Gold production for the first quarter nearly halved to 9,527 ounces, while production costs doubled to $725.75 per ounce.

The Toronto-based company said it sold 10,880 ounces of gold in the first quarter, compared with 17,678 ounces sold last year.

Shares of Orvana closed at C$1.05 Friday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Anne Pallivathuckal)

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