Kinross Gold Corp. said Wednesday its adjusted profit in the third-quarter more than doubled on higher prices and revenue that topped $1 billion for the first time.
Net income fell to $212.6 million, or 19 cents per share, compared with $540.9 million, or 69 cents per share, in the comparable 2010 quarter. The third quarter of last year had significant one-time gains, the company said.
Excluding one-time items, Kinross had net profit of $273.4 million, or 24 cents per share, compared to $116.8 million, or 15 cents per share, in the year-earlier period.
Revenue jumped 45 percent to $1.07 billion, said the Toronto-based company, which has a market capitalization of $16.62 billion.
Kinross, which affirmed its 2011 production guidance of 2.6 million to 2.7 million attributable gold equivalent ounces, also increased its balance sheet to help fund more exploration and production.
Our successful completion of a $1 billion debt offering during the quarter confirmed the market's confidence in Kinross' ability to deliver on our strategy, and strengthened our foundation for growth, CEO Tye Burt said in a statement.