December 9, 2010 / 11:32 AM / in 8 years

CORRECTED - CORRECTED-UPDATE 1-Kirkland Lake posts Q2 profit on higher gold

(Corrects paragraph 5 to show gold sales were 6,612 ounces in the year-ago quarter. Also corrects last paragraph to clarify that the company reported first-quarter profit in September)

* Q2 EPS C$0.13 vs loss/shr C$0.12, last year

* Q2 rev more than triples to C$30.4 mln

* Sees Q3 gold production of 24,000-30,000 oz

* Reaffirms FY production view

Dec 9 (Reuters) - Gold miner Kirkland Lake KGI.TO posted a second-quarter profit as it sold more ounces of the precious metal and said it remained on track to meet its full-year production outlook.

For the quarter, the company posted net earnings of C$8.6 million, or 13 Canadian cents a share, compared with a net loss of C$7.3 million, or 12 Canadian cents a share, a year ago.

Revenue for the quarter more than tripled to C$30.4 million.

Analysts, on average, were expecting the company to earn 10 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Gold sales for the quarter stood at 23,392 ounces, compared with 6,612 ounces, a year ago.

Kirkland forecast third-quarter gold production of 24,000 to 30,000 ounces. It also reaffirmed its full-year production view of 90,000 to 100,000 ounces of gold.

The company also said it sees gold production of 180,000 to 200,000 ounces of gold per year by November 2011.

The Ontario-based company’s shares, which have gained nearly 70 percent in value since it reported a higher first-quarter profit in September, closed at C$13.65 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Vyas Mohan)

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