Semafo (SMF.TO) revenue +45%; Q3 beats estimates; both higher production and higher price/oz gold
Wed Nov 10, 2010
Reuters - Africa
Semafo Q3 beats on higher production, prices
* Q3 EPS $0.10 vs est $0.09
* Q3 rev up 45 pct
* Q3 gold production up 5 pct to 65,500 ounces
Nov 10 (Reuters) - Canadian gold miner Semafo Inc's (SMF.TO: Quote) quarterly earnings beat estimates for the second consecutive quarter, helped by higher gold production and prices.
For the July-September period, net income was $28.8 million, or 10 cents per share, compared with $13.4 million, or 5 cents per share, a year ago.
Revenue jumped 45 percent to $86.2 million.
Analysts on an average were expecting the company to earn 9 cents per share, on revenue of $78.94 million, according to Thomson Reuters I/B/E/S.
Semafo said gold production was up 5 percent at 65,500 ounces in the third quarter, with 71 percent of it coming from its flagship Mana mine in Burkina Faso in West Africa.
The Saint Laurent, Quebec-based company's shares, which have gained nearly 19 percent in the last month, closed at C$12.60 on Wednesday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Roshni Menon)
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