August 5, 2010 / 10:59 AM / in 8 years

UPDATE 1-Alamos Gold Q2 profit falls

* Q2 EPS $0.10 vs $0.12 year ago

* Revenue up 13 pct

* Q2 gold sales 39,688 ounces

* Maintains FY10 production outlook

Aug 5 (Reuters) - Canada’s Alamos Gold Inc (AGI.TO) reported a 7 percent drop in quarterly profit, hurt mainly by lower production.

For the second quarter ended June 30, the company earned $12.1 million, or 10 cents a share, compared with $13.0 million, or 12 cents a share, a year ago.

Excluding items, the company earned 15 cents a share.

Revenue rose 13 percent to $47.5 million. The company realized 30 percent higher prices on gold sales of 39,688 ounces.

Analysts on average expected the company to earn 12 cents a share, before items, according to Thomson Reuters I/B/E/S.

Earlier this month, the company reported a 9 percent drop in second-quarter production, hurt partly by drought conditions and project delays at its key Mulatos mine in Mexico. [ID:nSGE66C0CT]

Alamos, however, expects quarterly gold production to increase in the second half of the year and maintained its full-year production outlook of 160,000 ounces to 175,000 ounces.

Shares of the Toronto, Ontario-based company closed at C$16.06 Wednesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Anne Pallivathuckal)

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