Canadian gold mining company Claude Resources Inc. said Friday its third-quarter profit fell as a one-time loss on derivatives and lower production offset higher gold prices.

Net income fell to $2.6 million (Canadian), or two cents per share, from $5.6 million, or four cents per share, in the year-earlier quarter.

The Saskatoon-based company said the decline was primarily due to the settlement of certain out of the money derivative instruments.

Excluding one-time events, net income rose 14 percent to $4.9 million, or three cents per share, compared with $4.3 million, or three cents per share.

Revenue rose to $18.2 (Canadian) from $15.7 million.

The average realized gold price rose to $1,670 (Canadian) per ounce from $1,296 per ounce.

Claude produced 11,324 ounces in the third quarter, down from the 2010 third quarter of 12,931 ounces.

Total 2011 gold production by ounces is now expected to be between 48,000 and 50,000, down from an earlier outlook of 50,000 to 52,000.