Kinross Gold more than doubled its quarterly profit and raised its dividend payout on Wednesday, as surging bullion prices and acquisition-related production growth helped boost results.
Toronto-based Kinross said its net income in the quarter ended June 30 rose to $247.4 million, or 22 cents a share, up from a year-ago profit of $110.4 million, or 16 cents a share.
Excluding one-time items earnings in the period rose to $226.5 million, or 20 cents a share, from $111.4 million, or 16 cents a share.
Gold production in the quarter rose nearly 26 percent to 676,245 ounces, while revenue rose 42 percent to $987.8 million.
The company raised its semi-annual dividend payout by 1 cent to 6 cents share.
Kinross, which has operations spread across the globe, said it remains on track to produce between 2.6 million and 2.7 million ounces in 2011.