UPDATE 1-Canadian miner Eldorado profit rises on higher gold sales

Fri Feb 22, 2013 8:47am EST

Related Topics

* Gold production rises 13 pct in fourth quarter

* Plans $410 million in capital spending for 2013

* Aims for 2013 output of 705,000 to 760,000 gold ounces

Feb 22 (Reuters) - Canadian miner Eldorado Gold Corp on Friday reported a boost in fourth-quarter profit as an increase in bullion sales outweighed higher operating costs.

Net earnings rose to $115 million, or 16 cents a share, in the fourth quarter, ended Dec 31. That compared with $88.8 million, or 16 cents, a year earlier.

Lower income tax expenses due to an investment tax credit in Turkey helped the result.

Analysts, on average, had expected earnings of 14 cents a share, according to Thomson Reuters I/B/E/S.

Gold production increased 13 percent to 190,530 ounces, while total cash costs climbed 17 percent to $566 an ounce, the company said. The realized gold price rose slightly to $1,69 from $1,686.

Vancouver-based Eldorado plans to produce some 705,000 to 760,000 ounces in 2013, up from 656,324 ounces in 2012.

Capital expenditures for the year are expected to be about $410 million, with some $200 million pegged for the expansion project at the Kisladag mine in Turkey, the company said.

Eldorado, which is developing mines around the world, owns gold projects in Turkey and China, along with a base metal mine in Greece and an iron ore project in Brazil.

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