May 11, 2010 / 6:19 PM / in 8 years

UPDATE 1-Apollo Gold swings to Q1 profit on non-cash gain

* Q1 EPS $0.02 vs loss/shr $0.13 year ago

* Gold sales at $17.6 mln

* Sees FY10 gold production between 90,000-100,000 ounces

* Shares up as much as 10 pct

May 11 (Reuters) - Apollo Gold Corp APG.TO swung to a quarterly profit partly helped by a $10 million non-cash realized gain on financial instruments, sending its shares up as much as 10 percent.

The company also forecast gold production between 90,000 and 100,000 ounces for the full year 2010.

The gold producer, which operates the Ontario-based Black Fox Mine, said it expects 60 percent to 65 percent of this production in the second half of 2010, and sees lower cash costs in the latter half of the year.

For the first quarter, the company posted a profit of $6.5 million, or 2 cents a share, compared with a loss of $28.4 million, or 13 cents a share, a year ago.

Revenue from the sale of gold was at $17.6 million, and gold production was at 14,175 ounces for the quarter, the company said in a statement.

Apollo had earlier said it expects total cash costs per ounce of gold sold to be between $500 and $550 for the full year.

Shares of the company were up as much as 10 percent, but pared some gains to trade up 8 percent at 33 Canadian cents Tuesday afternoon on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Roshni Menon)

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