July 29, 2010 / 10:23 AM / in 7 years

UPDATE 1-Eldorado Gold profit more than doubles on higher prices

* Q2 EPS $0.11 vs $0.07 yr ago

* Revenue jumps 158 pct

* Produced 167,940 oz of gold vs 84,572 oz yr ago

July 29 (Reuters) - Canadian gold miner Eldorado Gold Corp’s (ELD.TO) quarterly profit more than doubled, driven by higher sales volumes and prices. For the second quarter, net income was $60.5 million, or 11 cents a share, compared with $25.9 million, or 7 cents a share, a year ago.

Revenue for the company, which competes with Red Back Mining Inc RBI.TO, jumped 158 percent to $207.8 million. Analysts on average were expecting earnings of 8 cents a share, on revenue of $185.2 million, according to Thomson Reuters I/B/E/S.

The company said it produced 167,940 ounces of gold at an average cost of $357 per ounce, compared with 84,572 ounces at an average cost of $303 per ounce a year ago.

It sold 172,826 ounces of gold, up 99 percent from the year-ago quarter, at a realized average price of $1,195 per ounce.

North American gold miners are expected to report bumper second-quarter profits on the back of record-high bullion prices. [ID:nN22125838]

Eldorado generated $92.3 million in cash from operating activities before changes in non-cash working capital.

Shares of the Vancouver based-company closed at C$16.40 Wednesday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Vinu Pilakkott)

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