May 7, 2010 / 12:50 PM / in 8 years

UPDATE 1-Richmont Mines Q1 profit jumps on higher gold prices

* Q1 EPS C$0.07 vs C$0.05 yr ago

* Q1 rev at C$20 mln

May 7 (Reuters) - Gold miner Richmont Mines Inc’s RIC.TO quarterly profit rose 29 percent on the back of higher realized gold prices.

For the first quarter, the company reported net income of C$1.8 million ($1.7 million), or 7 Canadian cents a share, compared with C$1.4 million, or 5 Canadian cents a share, a year ago.

Revenue rose marginally to C$20 million.

Analysts on average were expecting the company to earn 10 Canadian cents a share, according to Thomson Reuters I/B/E/S.

The company said it sold 15,841 ounces of gold at an average price of $1,105 an ounce, compared with gold sales of 16,614 ounces and an average realized sales price of $990 an ounce last year.

Shares of the company closed at C$4.70 Thursday on the Toronto Stock Exchange. ($1=1.052 Canadian Dollar) (Reporting by Aftab Ahmed in Bangalore; Editing by Unnikrishnan Nair) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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