May 12, 2010 / 1:19 PM / in 8 years

UPDATE 1-Gold Wheaton posts Q1 profit on higher prices

* Q1 EPS $0.01 vs yr-ago loss $0.1/shr

* Q1 rev $21.2 mln vs $12.4 mln yr ago

May 12 (Reuters) - Gold Wheaton Gold Corp GLW.TO reported a quarterly profit, helped mainly by higher precious metal prices. For the first quarter, net income was $0.9 million, or 1 cent a share, compared with a net loss of $0.8 million, or 1 cent a share, a year ago.

Earnings from mining operations jumped 184 percent to $10.5 million.

Average gold, platinum and palladium prices rose by 22 percent, 53 percent and 121 percent, respectively, compared with the year ago.

Revenue from the sale of precious metals rose 71 percent to $21.2 million from $12.4 million, driven by higher deliveries from FNX Mining Co FNX.TO and First Uranium Corp FIU.TO.

The company, which is in the business of selling gold and other precious metals, has entered into long-term contracts with FNX Mining and First Uranium.

For the first quarter, a total of 18,798 gold equivalent ounces were delivered, compared with 8,094 gold equivalent ounces in the year-ago quarter.

Shares of the company, which has long-standing contracts to purchase gold production from mines in Ontario and South Africa, closed at C$2.53 Tuesday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Ratul Ray Chaudhuri)

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