DENVER (AFX) - Gold miner Golden Star Resources Ltd. said Monday it swung to a third-quarter profit, as it sold more gold at higher prices.
The company reported quarterly net income of $3 million, or 1.4 cents per share, compared with a year-ago loss of $6.7 million, or 5 cents per share. Wall Street, on average, had been expecting a break-even quarter, according to an analyst poll by Thomson Financial.
Revenue from gold sales jumped 55 percent to $36.6 million from $24.7 million in the year-ago period.
The company said it sold 57,855 ounces of gold in this year's quarter at an average price of $622 per ounce, up from 53,658 ounces at $433 per ounce.
Power restrictions in Ghana since late August have limited Golden Star's power consumption from the Ghana grid to 75 percent of its normal power requirements. Looking ahead, Chief Executive and President Peter Bradford said in a statement that he expects national grid power supplies to remain tight well into 2007.
The company also said it has begun a search for a new chief financial officer, after it announced the retirement of Allan Marter last month.
Golden Star's shares rose a penny to close at $2.86 on the American Stock Exchange.
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