May 11, 2010 / 2:03 PM / 7 years ago

UPDATE 1-North American Palladium posts Q1 loss as expenses soar

* Q1 loss/shr C$0.11 vs breakeven yr ago

* Revenue up 58 pct to C$7.9 mln

* Operating expenses C$18.2 mln vs C$738,000 yr ago

* Backs 2010 production outlook

May 11 (Reuters) - Canadian precious metals company North American Palladium Ltd (PDL.TO) reported a quarterly loss, as operating expenses soared, and backed its 2010 outlook.

For the first quarter, net loss was C$14.6 million ($14.27 million), or 11 Canadian cents per share, compared with a net income of C$347,000, or breakeven per share, a year ago.

Revenue rose 58 percent to C$7.9 million.

Operating expenses for the quarter was C$18.2 million, up from C$738,000 a year ago, mainly due to production costs from the restart of its flagship Lac des Iles (LDI) mine in Ontario and a ramp-up at its Sleeping Giant gold mine in Quebec.

The company reaffirmed that it sees 2010 outlook of 140,000 ounces of palladium from its LDI mine. From its Sleeping Giant mine, North American Palladium sees annualized steady-state production of 50,000 ounces.

Shares of the Toronto-based company were almost flat at C$4.27 in early trade Tuesday on the Toronto Stock Exchange. ($1=1.023 CANADIAN DOLLAR) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Prem Udayabhanu) ((abhiram.nandakumar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: abhiram.nandakumar.thomsonreuters.com@reuters.net))

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