First Majestic Silver Corp.'s third-quarter profit rose as higher silver prices lifted revenue 88 percent, offsetting a decline in silver produced, the Vancouver-based mining company said Wednesday.

Net income, after taxes, rose to $27.8 million, or 27 cents per share, compared with $10.1 million, 11 cents per share, in the comparable 2010 quarter.

Revenue surged to $61.4 million from $32.6 million in year-earlier period.

The company, which is focused on Mexico, produced 1.71 million ounces of silver, down from the third quarter of 2010 when it produced 1.8 million ounces.

The average revenue per payable equivalent of ounces sold jumped to $38.88 per ounce from $19.77.

First Majestic Silver lowered its 2011 silver production forecast from eight million ounces of silver equivalent to 7.6 million ounces of silver equivalent.

Shares fell 32 cents to $18.10 in afternoon trading.