UPDATE 1-Crocodile Gold posts profit in first qtr of production

* Q3 EPS $0.01 vs Q2 loss/shr $0.03

* Q3 rev $30.6 mln

* Shares up 3 pct

Nov 8 (Reuters) - Canadian gold miner Crocodile Gold Corp (CRK.TO) posted a profit in its first quarter of commercial production, and said its priority was to bring the Cosmo underground mine in Australia to production by mid-2011.

July-September net income was $2.4 million, or 1 cent per share, compared with net loss of $5.3 million, or 3 cents per share, in the second quarter this year.

Toronto-based Crocodile Gold, which owns and operates mines in northern Australia, said revenue rose nearly three-fold to $30.6 million sequentially.

Gold production was 26,138 ounces and cash cost per ounce was $942 on 25,002 ounces of gold sold.

Shares of Crocodile, which have risen just over 7 percent in value since it declared commercial production on June 1, were up 3 percent at C$1.50 in afternoon trade on Monday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel)