Canadian mining company Alamos Gold Inc. said Thursday its third-quarter profit plunged 73 percent as a one-time tax related to a weaker Mexican peso offset higher gold production and prices.

Net income fell to $5.44 million, or five cents per share, from $20.48 million, or 17 cents per share, in the year-earlier period.

Generated cash from operating activities before changes in non-cash working capital were $20.7 million, or 18 cents per basic share, compared to $16.4 million, or 14 cents per basic share, in the third quarter of 2010

Gold production rose nine percent to 33,000 ounces from 30,200 ounces of gold produced in the third quarter of last year.

Alamos confirmed its full-year production target of 145,000 ounces to 160,000 ounces at a cash operating cost of $365 to $390 per ounce.

Shares of Alamos Gold fell four cents to $18.60 in midday trading.