August 4, 2010 / 9:12 PM / 8 years ago

UPDATE 1-Semafo Q2 beats Wall Street view

* Q2 EPS $0.13 vs est. $0.09

* Q2 gold sales rose 48 pct

Aug 4 (Reuters) - Canadian gold miner Semafo Inc (SMF.TO) posted better-than-expected second-quarter results, helped by increased production and higher pricing, and said it remains confident it will reach its 2010 production outlook.

For the quarter, Semafo posted a net income of $33.6 million, or 13 cents a share, compared with $10.7 million, or 5 cents a share, a year ago.

Semafo’s total production rose 7 percent to 68,300 ounces of gold. Total gold sales rose 48 percent to $87.1 million.

    Analysts on an average were expecting earnings of 9 cents a share, on revenue of $82.7 million, according to Thomson Reuters I/B/E/S.

    The company previously forecast full-year gold production of between 235,000 ounces and 260,000 ounces of gold.

    Shares of the company closed at C$8.08 on the Toronto Stock Exchange. (Reporting by NR Sethuraman in Bangalore; Editing by Aradhana Aravindan)

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