VANCOUVER – Higher production and realized prices helped Timmins Gold Corp. (TSX:TMM) swing to a profit in its fiscal 2012 second quarter as revenues rose 44 per cent.
The Vancouver-based gold producer said net earnings for the three months ended Sept. 30 were US$ 3.6 million or three cents per share. That compared with a loss of $ 803,714 or a penny per share in the same 2011 period.
Timmins, which reports results in U.S. dollars, said revenue was up sharply at $ 28.3 million from $ 19.6 million a year before.
The company said it produced 17,287 ounces of gold and sold 16,917 ounces in the quarter at an average realized price of US$ 1,702 an ounce.
That compared with 15,682 ounces produced and sold in the prior-year period at an average realized price of US$ 1,227 an ounce.
Local news from metronews.ca/vancouver
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