Kinross Gold 2Q Profit Up On Better Sales, Prices
The Associated Press
Gold producer Kinross Gold Corp. said Wednesday its second-quarter net income surged on higher revenue and improved gold prices.
The Canadian company said it earned $103.8 million, or 15 cents per share, compared with $19.3 million, or 3 cents per share a year ago. Adjusted earnings, which exclude the impact of foreign exchange gains and losses and other adjustments, were 16 cents per share, compared with 12 cents a year ago.
The results matched the expectations of analysts surveyed by Thomson Reuters.
Revenue from metal sales rose 16 percent to $696.6 million from $598.1 million a year ago. The average realized gold price for the quarter rose 27 percent to $1,158 per ounce sold, compared with $915 per ounce sold in the second quarter of 2009. On Monday Kinross said it will acquire 91 percent of the shares of Red Back Mining Inc. that it does not already own in an all-stock deal valued at $7.1 billion. The Toronto-based company said the friendly merger with the African-focused gold producer will create a pure gold sector producer with an exceptional growth profile. U.S.-listed shares of Kinross rose 27 cents to close at $15.72.Select the service that is right for you!
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