May 6, 2010 / 11:40 AM / in 8 years

UPDATE 1-Alamos Gold Q1 profit up 59 pct

* Q1 EPS $0.12 vs $0.09 yr ago

* Rev up 31 pct

May 6 (Reuters) - Canada’s Alamos Gold Inc AGI.TO reported a 59 percent rise in quarterly profit, driven in part by higher gold sales and lower cash operating costs per ounce.

For the first quarter, the Canadian miner reported net income of $14.0 million, or 12 cents a share, compared with $8.8 million, or 9 cents a share, a year ago.

Revenue rose more than 31 percent to $46.7 million.

The rise in revenue was due to a 5 percent increase in the number of ounces sold and a 25 percent rise in the average realized gold price, the company said in a statement.

However, production at the Mulatos mine in Mexico fell 10 percent. Gold production in the quarter was affected by an increase in the height of the heap at the Mulatos mine, the company said.

The company still expects gold production of 160,000 to 175,000 ounces from the Mulatos mine.

Alamos Gold, which acquired the Agi Dagi and Kirazli gold projects in northwestern Turkey, set a semi-annual dividend of 3 cents a share.

Alamos shares closed at C$14.79 Wednesday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Maju Samuel)

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