Yamana Gold Inc. said Wednesday its adjusted third-quarter profit jumped 38 percent on higher prices and lower exploration expenses.
Net income for the three months ended Sept. 30 fell to $115.76 million, or 16 cents per share, from $139.24 million, or 19 cents per share, in the third quarter of 2010.
Excluding one-time items, the Toronto-based company earned $190.27 million, or 26 cents per share, in the third quarter compared to $117.25 million, or 16 cents per share, in the comparable 2010 third quarter.
Revenue climbed to $555.21 million from $453.97 million.
Gold production slipped modestly while silver production was slightly higher.
The company's average realized gold price climbed to $1,697 from $1,235, and its average realized silver price climbed to $37.52 from $19.73.
Exploration expenses fell to $7.74 million from $12.25 million.
Yamana affirmed 2011 production guidance for gold equivalent ounces of 1.04 million to 1.14 million.
With more than $1.1 billion of available cash and undrawn credit available at the end of the third quarter of 2011, in addition to expected robust cash flows from operations, the company is fully funded for its expected growth, Yamana said in a statement.