UPDATE 2-Iamgold profit triples as gold price offsets costs

(Adds details, stock price. In U.S. dollars unless noted)

TORONTO, May 13 (Reuters) - First-quarter profit at Iamgold (IMG.TO: Quote, Profile, Research, Stock Buzz) tripled, the company said on Tuesday, as soaring gold prices more than made up for higher-than-expected costs and the impact of a robust Canadian dollar.

The mid-tier Canadian gold producer earned $34.4 million, or 12 cents a share, in the three months ended March 31. This was up from $11.3 million, or 4 cents a share, in the same period a year earlier.

Analysts polled by Reuters had expected, on average, a profit of 13 cents a share, before exceptional items.

In early trading on the Toronto Stock Exchange, the company's shares were up 2 Canadian cents at C$6.07.

Quarterly revenue grew 42 percent to $208 million, as average realized gold prices surged to $899 an ounce from $648 an ounce.

Gold production was 234,000 ounces during the quarter, up from 219,000 a year before.

Cash costs per ounce climbed 14 percent to $476, above the the company's expectations, due to higher oil prices, a strong Canadian dollar and royalties paid on higher gold prices.

However, Iamgold maintained its full-year 2008 cost expectations of $455 to $470 an ounces, and also reaffirmed its production outlook of 920,000 ounces of gold.