(Reuters) - Canadian gold miner Agnico Eagle Mines Ltd (AEM.TO) (AME.N) reported a better-than-expected adjusted profit for a fourth straight quarter on Wednesday, largely due to higher realized gold prices.
Average realized gold prices rose to $1,318 per ounce from $1,293 a year earlier, the company said, while gold production improved 1.8% to 412,315 ounces.
Quebec’s largest gold producer reported all-in sustaining costs per ounce of $953 in the second quarter ended June 30, compared with $921 a year earlier.
Agnico Eagle’s Meliadine mine in northern Canada - its largest gold deposit mine in terms of resources - started commercial production in May. The company operates eight mines in Canada, Finland and Mexico.
Net income rose to $27.8 million, or 12 cents per share, in the second quarter ended June 30, from $5 million, or 2 cents per share, a year earlier.
Excluding items, it earned 10 cents per share, compared with estimate of 4 cents, according to Refinitiv IBES.
Revenue fell about 5% to $526.6 million, but beat analysts’ estimate of $505.21 million.
Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila